K-Swiss Inc announced on Tuesday (November 13) that it had acquired Royal Elastics, an Australian-based designer and manufacturer of elasticated footwear, for an undisclosed sum. The acquisition includes the Australian firm’s worldwide rights and business but excludes distribution rights in Australia, which are retained by Royal Management Pty, Ltd.

K-Swiss Inc is a US firm that designs, develops and markets athletic footwear for high performance sports use and fitness activities. Royal Elastics pioneered the laceless sneaker sector when it introduced the first slip-on, laceless sneaker in Europe over four years ago. Since then it has remained a leading innovator of revolutionary streetwear that is designed to appeal multi-cultural youth culture.

Steven Nichols, Chairman of the Board and President of K-Swiss, said: "Royal Elastics is a perfect fit for us and this is exactly the type of acquisition we have been seeking. With $A17 million in sales during its last fiscal year, Royal Elastics has successfully carved a niche within a market that has its own style, attitude and language."