“The board of the company has made an ambitious decision to move the brand, which was being developed for almost a decade, to the next level. In order to maximize the accumulated input, we have decided to apply the business philosophy typical to startups – finding fast, creative and bold decisions. I have no doubt that the team with the full support of Utenos Trikotažas and an experienced leader will soon surprise with significant achievements,” Petras Jašinskas, CEO of Utenos Trikotažas, said.
All the rights and responsibility for the international development of the About clothing lines – ABOUT Baltic Underwear and ABOUT the Sensology of Wear – will be transferred to the newly established company for the value determined by an independent property appraiser. The team will be led by experienced e-commerce and digital marketing strategist Giedrė Vilkė. She will also own 20 % of the newly established subsidiary‘s share capital, which will be paid in shareholder funds.
“The About brand has gone through many important stages that have helped to gain valuable experience, so we have a significant competitive advantage and potential for global growth. Together with Utenos Trikotažas, we will take big steps towards innovation in textile production, ensuring high product quality and exceptional sustainability throughout the supply chain. Our nearest plans include changes in the range of products and significant investments in international digital marketing,” Vilkė said.
Utenos Trikotažas will become a strategic partner of the new company providing production-supply services under a bilateral agreement and finance the company's activities under market conditions according to the need established in the business plan.
The founders of the subsidiary will, under the agreement of the shareholders, provide for possible options agreements, i.e. under certain conditions, Utenos Trikotažas will commit to transfer up to 10 % of the shares of the subsidiary to a minority shareholder, as well as will have the right and obligation to redeem the shares held by the minority shareholder.
The exclusive clothing of the About brand developed by Utenos Trikotažas of the SBA Group has been stocked by prestigious shopping centers around the world: KaDeWe in Germany, Le Bon Marche in France, Shinsegae in South Korea, Framework in Japan, and Need Supply Co in the USA. Lithuanian products are also traded on the global luxurious fashion e-commerce platform Matchesfashion.
About the company
SBA Group’s company Utenos Trikotažas is the largest and one of the most modern knitwear manufacturers in Central and Eastern Europe. Utenos Trikotažas is the first and so far the only company in the world to comply with Greenpeace textile procurement standards. The company Utenos Trikotažas currently owns the Utenos and About retail brands. The Utenos Trikotažas group of companies also comprises Šatrija and Mrija (Ukraine). The major shareholder of Utenos Trikotazas is SBA group, which owns 92.31 per cent shares of the company.
SBA is one of the largest Lithuanian business groups. It operates in real estate, textile and furniture sectors. The furniture sector is comprised of the manufacturer Kauno Baldai and the SBA Home, which manages six furniture producers – Klaipėdos Baldai, Šilutės Baldai, Germanika, Visagino Linija, Mebelain, Laminn and logistics centre Innovo Logistika, operating at the SBA Industrial Innovation Park. SBA also owns the real estate innovation company SBA Urban, which is developing the Green Hall business valley in the Lithuanian capital Vilnius and the BLC business centre in Kaunas. SBA also owns the investment management company Capitalica Asset Management, which manages the Kaunas-based business centre Kauno Dokas, Vilnius’ 135 and is developing the modern NZEB office complex Verde in Riga. SBA also manages the robotics and automation solution company Robotex. Furthermore, SBA founded SBA Modular, a company which aims to produce modular and sustainable multi-story buildings. The group’s companies employ close to 5,000 employees. The SBA Group companies export their production to 50 countries globally.
