The Athlete's Foot parent acquires Shoe City, YCMC
Arklyz Group, owner of athletic footwear retailer The Athlete's Foot (TAF) announced is has acquired Shoe City, a Baltimore-based sneaker and streetwear lifestyle retail chain together with online platform, YCMC.
The Stans, Switzerland-headquartered company said it will add Shoe City to the TAF organization "with the primary goal for each business to expand and thrive from economies of scale while continuing as leaders in the athletic specialty footwear and lifestyle category," according to a press release.
The acquisition will add 40 more store locations to TAF's retail network, with an expanded retail presence in the DMV region (the Washington Metropolitan Area including the whole District of Columbia, along with various districts within Maryland and Virginia). The acquisition is also expected help jumpstart TAF's omnichannel strategies, thanks to Shoe City's e-commerce platform and its sister online platform, YCMC, which has "evolved into becoming a go-to destination for the industry's latest sneaker releases," added Arklyz.
"From starting with our first retail location in Baltimore, then expanding to 40 more stores over the last 70 years across the DMV with deep local ties in the community, I am glad that Arklyz and The Athlete's Foot, with a very similar approach, are taking over our family business," said Shoe City president, Greg Greenburg.
"I believe that Arklyz and TAF will help Shoe City and YCMC grow further and make them even more community and culture relevant to our local consumers."
In light of the takeover, Param Singh, owner and CEO of Arklyz Group has appointed Matthew Lafone, president and general manager of the Americas, to now oversee both businesses.
"Adding Shoe City and ycmc.com to the portfolio together with TAF strengthens our position as one of the nation's top retail destinations for footwear, apparel, and accessories," said Singh. "I am also confident that having cohesive leadership under Matthew Lafone, will not only make for a seamless transition but enable both TAF and Shoe City to execute effectively on future growth plans."
Arklyz plans to complete the integration of Shoe City into the group by July 2022.
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