As it turns out now, Tecnica Group sold a 30 percent stake in Lowa last year at an undisclosed price. Riko, a large contract manufacturer in Slovakia, bought a 20 percent stake in the German subsidiary of Tecnica, while Lowa’s managing director, Werner Riethmann, doubled his personal stake to 20 percent. The resulting financial injection probably prevented a possible change in the ownership of Tecnica that was rumored to be likely to happen, with Franco Vaccari acquiring a larger stake in the Italian company while reducing his own stake in Lotto. Owned by an Italian entrepreneur, Renzo Castellani, Riko is Lowa’s major contractor, making about 1.2 million out of the 1.8 million pairs of hiking, trekking and safety shoes it sells. With a total annual capacity of nearly two million pairs, Riko also makes shoes for Berghaus, Puma, Tecnica and Zamberlan. For its part, Lowa had relatively stable revenues of €107 million last year, and it continued to deliver an operating profit margin of close to 10 percent (more in The Outdoor Industry Compass).