Owners of Slovenian footwear retailer Mass have agreed to transfer a 60% equity stake in the company to Advance Capital Partners.
Mass, with a workforce of 520 across Slovenia, Croatia and Austria, has charted significant growth since being founded in 1990.
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Mass CEO and founder Sašo Apostolovski stated that the company has chosen to align with Advance Capital Partners to capitalise on its potential:
“Our goal is to further strengthen our position in Slovenia and Croatia and expand our operations in Austria. With Advance Capital Partners’ support, we also plan to soon expand our retail and online footprint to the Czech Republic, Bulgaria, and Romania, and within five years to enter additional CEE [central and east European] markets. The entire region shows promise in the footwear and fashion accessories segment, and consumer spending in this part of Europe is expected to grow at an above-average rate.”
Founded in 1990 with its first store in Ljubljana, Slovenia, Mass ventured into the Croatian market two decades later and expanded into Austria in 2024.
The company operates under the Mass brand and the Skechers franchise, with a total of six Mass stores and one Skechers store in Austria.
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By GlobalDataMass Group has 75 Mass and Skechers stores and has been investing in its e-commerce platform for several years with a goal of double-digit revenue growth by 2025 and €110m ($127.83m) in revenue.
Current forecasts indicate that Europe’s footwear market is set to exceed €100bn in annual revenue for the first time, with the CEE region anticipated to experience the most robust growth.
Advance Capital Partners Management Board president Aleš Škerlak stated: “Over the next five years, we aim to open approximately 100 new stores and triple annual revenue to around €300m.
“On the one hand, we want Mass to expand across its three existing markets; on the other hand, enter new countries and, by upgrading its business model, become the leading omnichannel footwear and fashion accessories retailer in CEE.”
The deal is subject to the fulfilment of certain conditions and the receipt of regulatory clearances from competition authorities.
The investment fund managed by Advance Capital Partners anticipates finalising the transaction by autumn 2025.
Apostolovski and other existing partners will retain a 40% equity stake in the company.
They will remain actively involved in the operations of the Mass group after the transaction with Advance Capital Partners is concluded.
