Aventura Group has signed a so-called Term Sheet, an initial agreement, with the Swedish socks company Happy Socks to be responsible for logistics and IT in regards to the company’s digital business in China. The collaboration will begin immediately and the details of the contract are expected to be finalized by August.
Happy Socks was founded in 2008 and has been operating in China for many years. The company has taken the world by storm with its colorful and patterned socks. The socks are sold worldwide via a combination of e-commerce and physical stores, and during the previous financial year the company reached a total sales of more than SEK 660 (USD 64) million.
“We look forward to taking the next step in our investment in China together with the Aventura team. Happy Socks is undergoing major changes in China and is dependent on experienced local partners now that we are gradually taking control of the digital business”, comments Emil Viklund, CEO of Happy Socks.
Aventura will be responsible for fulfillment linked to Happy Socks e-commerce, which includes all logistics, IT and integrations related to local Chinese e-commerce on marketplaces and social media platforms. The collaboration will begin immediately, and the final negotiations of the contract are expected to end in August.
“Happy Socks has successfully established itself in China and we are proud that they see the value in entering into a partnership with Aventura and our fulfillment team specifically. This confidence is another positive signal that our broad service portfolio within the localized Omni-channel is strong”, comments Johan Aledal, CCO at Aventura Group.