L-Fashion Group, the Finnish company behind the Luhta and Icepeak brands, has purchased the Top-Sport retail chain consisting of 18 stores in 15 cities around Finland. L-Fashion bought the chain through an asset deal with Top-Sport Oy, which belongs to The Orange Company, a Finnish family-owned entity. L-Fashion said that its decision to acquire the group was motivated by its interest in ensuring that Top-Sport remains under Finnish ownership. Vesa Luhtanen, the L-Fashion Group's managing director, added that Top-Sport was to operate as an independent profit center and that L-Fashion sees interesting growth potential for the retail chain, particularly in the Russian market. Apart from its ownership of fashion brands, L-Fashion is involved in retailing through the Aleksi 13 retail chain and other sports and fashion stores. The deal comes after a relatively weak year for sports and fashion retailing in Finland.
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