Footwear giant Accent Group has acquired boutique sneaker business Subtype store.
The brand was created in 2014 by Zanerobe directors Leith Testoni and Jonathon Yeo.
Subtype is a single-store, curated retail operation based in Sydney, stocking limited release sneaker product from Nike, Adidas and Common Projects.
It also stocks directional streetwear apparel including Drole De Monsieur (France) and Ader Error (South Korea).
Testoni said the acquisition will take the brand to new heights.
“We've carefully created a beautiful, immersive experience at Subtype, an incredible sneaker offering, loyal customer base and now the retail power and logistic support from Accent, the best operators in Asia-Pacific.”
Accent Group CEO Daniel Agostinelli told Shoe Trader that he is equally optimistic.
“It allows us to reach a new market segment via an impressive retail channel and highly curated brand.
“From our point of view, there's a sneaker offering and a loyal customer base that [Subtype] has, that we simply don't attract.
“This is us reaching out to a new consumer, aiming at higher-end products.
“This business will be the taste-maker for what we feel will be what Hype and Platypus will sell six and 12 months after Subtype have had it in its store.”
“It's a very lucrative and exclusive fashion sneaker market that we've never ever played in, so for us it's a very strategic move.”
Agostinelli said that the immediate focus for Subtype is to move the Sydney store to a new location and open up a store in Melbourne.
“The future for Subtype is growth, with three new boutiques in the works over the next six months.
“The immediate desire is to find a replacement site in Sydney and to open a store in Melbourne as soon as possible.
“We see a store potentially in every state in Australia – we're talking one store per state where it makes sense – and potentially one in New Zealand at some point.
“We are [also] going to move the whole format of Subtype onto our digital hub format which allows us to use our back-end.
“All the available technology that the rest of the Accent Group retail businesses have will be rolled out to this business.
“So it gets all the latest and greatest – and that's the benefit that we obviously bring to the table.
“[But] primary to the project is careful consideration in maintaining brand identity and its existing community of passionate sneaker buyers and collectors.”
The deal has been 12 months in the works and was signed off on September 12.
Key personnel will continue to work closely at Subtype, including Testoni.