The Lasa family, majority shareholder in the IASA Group, which manages two Spanish brands, Ternua and Astore, has acquired a majority stake in Lorpen, the Spanish brand of technical socks. Lorpen faced financial problems during 2013, leading to a request for voluntary bankruptcy protection for Industrias Savidai, the company that owned the brand.
Industrias Savidai is being liquidated. A new company controlled by the Lasa family, Lorpeland, will continue to operate Lorpen's business in Spain, including its manufacturing operations and its subsidiaries in the U.S. and Mexico. The management will remain the same.
The IASA Group is going to change its name to IASA-Lorpeland. Employing 175 people, the IASA-Lorpeland Group reaches annual sales of about €27 million in more than 50 countries. It will try to work out synergies with Ternua and Astore in finance, production, logistics and sales.
Astore is a small brand of sports-inspired lifestyle clothing with little distribution outside Spain. Ternua is a more technical brand of outdoor clothing, but its sales outside Spain only account for about 20 percent of its turnover, whereas Lorpen makes 70 percent of its sales outside Spain. Lorpen's sales increased by 5 percent to €7 million last year, with an increase of 10 percent in the U.S.
Lorpen's U.S. subsidiary covers the whole North American market. It has a warehouse in Buffalo, New York, and many contacts with local retailers or distributors in North America, Russia and other parts of the world. Ternua is not yet selling in North America, so it has the opportunity to enter that market together with Lorpen.
Ternua started to sell directly in Germany and France two seasons ago. Five sales representatives were hired in Germany and Austria, and four in France. The company plans to recruit additional sales reps for the German market by the end of this year. Ternua also sells through distributors in the Czech Republic, Italy, Poland and Romania.