The renowned sustainable footwear brand Muroexe has been acquired by the Menorcan group Mascarówhich will integrate it into its catalog to continue with its strategic plan that seeks to double its size and quintuple its gross operating profit by 2026.
Mascaró will integrate the Muroexe catalog into its group to increase its growth
The company Muroexe Industries presented voluntary insolvency proceedings at the beginning of October, with liabilities of 2.8 million euros and assets of 395,245 euros. In its application for a declaration of insolvency, the company presented a liquidation plan that included the proposal for the sale of the production unit to the Jaime Mascaró company, the parent company of the Menorcan group.
This purchase agreement included the subrogation of Muroexe’s work contracts attached to the footwear design and marketing production unit (with the exception of two of them due to duplication reasons), as well as a liability of 25,000 euros corresponding to compensation to the workers.
The Mercantile Court number 9 of Madrid gave the green light for the sale on October 26, estimating that “the urgency of the situation does not allow proceeding with the auction of the footwear design and marketing production unit”, following the procedure of the Guide to Good Practices for the sale of productive units in Madrid”. Thus, the Menorcan group Mascaró for the Muroexe production unit, and assumed more than 25,000 euros of liabilities.
History of Muroexe, from the great omnichannel success to the sale
Muroexe was founded in 2013 by the entrepreneurs Roberto Heredia and Esmeralda Martinthe company had the objective of create and market a hybrid footwear, which would serve as a dress shoe but with the comfort of a sports shoe, a pure online player that soon made the leap to offline with the opening of physical stores that complemented the shopping experience, such as David Morán, Head of Digital & Ecommerce at Muroexe:
«We are precisely in a phase of implementing new technologies in our online stores that will allow us to unify online and offline purchase, with actions such as buying online and picking up in store, or having a single account for your physical and online purchases. During the next few months we want to further improve the offline shopping experience, since we are surprised by the results that retail brings us.”
The results of Muroexe were surprising in a short time: managed to sneak into the companies that grew the most in Europe in 2019 according to the and soon achieved international reach in Europe and the United States.
Since its foundation, Muroexe has carried out two rounds of financing, the first received funds from JME Venture Capital and the second amounted to 2.7 million euros, that is, with the help of clients, friends and relatives who buy a stake in the company.
Nevertheless, everything changed for Muroexe during the Covid-19 crisis since it closed the last fiscal year with a turnover of 1.5 million euros, but losses for the same amount.
Following the acquisition of Muroexe, Mascaró will continue in its search to promote its own brands with, at the same time that it will remain active in terms of acquisitions to boost its growth.
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