OCEANR Expands its Sustainable Crew Uniform Brand with Acquisition of Ex-Adidas Factory
, 2023-01-30 05:55:21,
Ireland-based sustainable crew uniform supplier OCEANR has acquired a 1,600m2 production facility in Latvia in early December 2022, paving the way for further expansion in 2023.
The deal includes a garment factory near Riga, which was previously producing high-quality sailing apparel under licence for Adidas. It also brings on board the factory’s existing staff of 60 people, who are split between both manufacturing and product development.
Tom Cotter, founder and CEO at OCEANR, commented, “We are delighted to have completed this acquisition, retaining all the local staff. It gives us valuable security over our own production, shortening lead times and supply chains. It also means that we now have an incredible team of sourcing specialists and product designers used to operating at the level required for a major brand. It is an excellent fit for our existing team of 15 based in Cork, Ireland.”
OCEANR is experiencing rapid growth, doubling turnover in 2022, as demand for its range of superyacht and luxury resort clothing takes off. Cotter is targeting a sales growth of 30% in 2023, and the newly acquired factory in Latvia is the key to achieving it.
Cotter is also planning to expand the workforce by 25%, double production volumes and transform the Riga operation into a European centre of excellence for sustainable manufacturing.
With the focus on social sustainability as well as the environment, the new staff members have just had a 10% raise to help them manage the…
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