21sportsgroup, the German sports retailer with both online and physical stores, reports that it has obtained financing in the double-digit million euro range to reinforce its business in Germany and to expand in international markets. Specializing in running, cycling, triathlon, outdoor and action sports products, 21sportsgroup is the company behind several multichannel retailers, such as 21run, 21cycles and Planet Sports. The German firm expanded earlier this year with the acquisition of Vaola, a German online sports retailer focusing on outdoor, running and football products. With the extra financial backing, 21sportsgroup is projecting sales of €125 million this year, compared with more than €100 million in 2015. This is the growth targeted with current assets, while the company is also studying external growth through acquisitions. 21sportsgroup said the financing was contributed by well-known (but unspecified) investors, and it remains unclear in what way the fundraising alters the shareholding of the company. It has appointed a third managing director, Henner Schwarz, who has been leading Planet Sports since 2011 and is taking over as chief financial officer at 21sportsgroup. The other two managing directors are Jörg Mayer and Michael Burk. Henner was appointed as the member of the executive board in charge of finance, human resources - and in charge of mergers and acquisitions, alongside Mayer. As chief financial officer and chief operating officer at Planet Sports, the former consultant has been driving logistical improvements at the action sports retailer and the relaunch of its online store.

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