Announcing the closing of the transaction for the planned sale of The Athlete’s Foot to the Arklyz Group, Intersport International Corp. says the lifestyle footwear chain’s franchisees around the world raised its sales by more than 40 percent in the first half of this year. Param Singh, owner and CEO of Arklyz, says that TAF remains on target to reach annual sales of $500 million in 2021. TAF’s sales had dropped by 9 percent to around $400 million last year. As reported, IIC decided to divest the profitable TAF business to concentrate on sports performance products with the Intersport banner. It will continue to work closely with Arklyz, partly because many Intersport franchisees run also TAF stores. Arklyz has taken over all the trademark rights and franchising agreements of TAF. The terms of the deal have not been revealed.
