The Icelandic snowboarding fashion company Nikita has been bought out by Finnish sports conglomerate Amer Sports.
Amer Sports is an international company which owns a variety of successful trademarks. The company has an annual turnover of around EUR 2 billion and it employs 6,000 people, RÚV reported.
Nikita, on the other hand, designs snowboards and fashion clothing. It was founded in Iceland in 2000 and its goods are sold in 1,500 shops in 30 countries.
The value of the Finnish buy-out has not been made public, but the Economic Innovation Fund holds investment in Nikitia for ISK 100 million (EUR 625,000) and a representative yesterday said the fund would get all its money back “and more besides”.
Nikita will continue to operate out of Iceland.