Vulcabras Partnering with Under Armour in Brazil
Vulcabras Azaleia group, which derives most of its revenues from the affordable Olympikus brand of athletic footwear, said it is in negotiations for the acquisition of Under Armour’s five-year-old Brazilian sales subsidiary. Under a joint licensing and operating agreement, Vulcabras will become Under Dog’s exclusive distributor and licensee in Brazil for shoes, apparel and accessories. The group previously had a regional management contract with Reebok that expired at the end of 2015.
The group’s net income dropped 36% to R$33.0 million ($8.5 mm) in the second quarter on a 9% decline in revenues to R$280.8 ... Log in to view full article.