Advance Capital Partners and Mass to Acquire Austrian Footwear Giant

Ljubljana, Graz 27^th October 2025 - Advance Capital Partners and Slovenian retailer Mass have reached an agreement with owners of Leder & Schuh to acquire the Austrian footwear company. One of Europe’s oldest footwear retailers operates 210 HUMANIC and SHOE4YOU stores across nine countries, employs over 1,700 people, and generates more than EUR 300 million in annual revenue. Following regulatory approvals from the relevant competition authorities, Leder & Schuh will become part of the broader Mass Group, while continuing to operate as an independent company with headquarters in Graz. The combined group, with more than EUR 400 million in revenue, 290 physical and 10 online stores, and over 2,300 employees, will rank among the ten largest footwear retailers in Europe. The completion of the transaction is expected in the first half of 2026. 

“The partnership between two companies with strong traditions and shared ambitions will create a true footwear giant in Central and Eastern Europe. The enlarged Mass Group, which is majority owned by Advance Capital Partners, will operate across nine markets with a total population of 150 million people and is expected to surpass EUR 500 million in annual revenue by 2029. As part of the transaction, we will also refinance all existing bank loans of the Austrian group which will provide the company with a solid foundation for long-term financial stability and create conditions for further growth,” said Aleš Škerlak, President of the Management Board of Advance Capital Partners, upon signing the agreement.

As Sašo Apostolovski, CEO and founder of Mass, emphasized, the united group plans to open around 60 new stores over the next five years. It will also maintain and continue developing the brands HUMANIC, SHOE4YOU, and Mass, as well as the Skechers retail network. “Mass and Leder & Schuh are natural partners that complement each other perfectly, both geographically and strategically. The partnership will further accelerate the implementation of our growth strategy, and we plan to continue expanding and developing all our brands in the years ahead. Our goal is clear. We aim to become the leading omnichannel retailer of footwear and fashion accessories in Central and Eastern Europe,” said Sašo Apostolovski, adding that the integration into the Mass Group will also bring new career opportunities for Leder & Schuh employees.

“Our goal is to make the shoe trade fit for the future and create a stable basis for sustainable growth. With Mass, we will gain a strong, experienced partner who shares our vision, while Advance Capital Partners will provide us with the financial stability essential for our continued development. I am very much looking forward to embarking on this journey together and to bringing new impetus to the industry,” Armin Weger, CEO of Leder & Schuh. Leder & Schuh AG has been a major player in the European footwear industry for over 153 years and focuses on quality, service, and modern product ranges. With its two retail chains, HUMANIC and SHOE4YOU, Leder & Schuh has established itself in the mid-price segment of the retail market for shoes and fashion accessories and is now represented in Austria, Germany, Slovenia, Croatia, Hungary, the Czech Republic, Slovakia, Romania, and Bulgaria.

Mass was established in 1990 when it opened its first brick-and-mortar store in Ljubljana. Two decades later, the company entered the Croatian market, and in 2024 expanded into Austria under its own Mass brand and the Skechers franchise. The group currently runs 79 Mass and Skechers stores in Slovenia, Croatia, and Austria that span across approximately 55,000 square meters and has been heavily investing in the growth and development of its e-commerce platform for several years. The Mass Group is planning double-digit revenue growth in 2025, targeting approximately EUR 110 million in revenue.

Leder & Schuh is one of the oldest footwear retail companies in Europe, with roots dating back to 1872, when D.H. Pollak founded the company in Graz. With his vision of modern footwear retail, he laid the foundations for the strong brand recognition that HUMANIC continues to enjoy today. Leder & Schuh, which currently operates 210 stores, is today one of Europe's largest shoe retailers with two sales brands, HUMANIC and SHOE4YOU (www.humanic.net & www.shoe4you.com). In recent years, the company has made significant investments in business expansion, the development of an omnichannel business model, and the digitalization of sales, thereby strengthening its position as one of the leading providers of high-quality footwear and fashion accessories in the region.

Advance Capital Partners specializes in private equity and defines a clear strategy for each portfolio company. Advance Capital Partners secured EUR 198 million commitments for its ACP SIS fund, making it the largest private equity fund in the Adriatic region. The last and final round of fundraising is to be concluded by the end of 2025. The ACP SIS fund plans to invest in up to 12 companies, developing them into leading players in the Adriatic region. The fund’s target sectors include specialized retail/e-commerce, energy solutions, IT, mobility/logistics, healthcare, industrial technologies, and other special opportunities that may emerge in the market. ACP SIS fund holds majority ownership stakes in a successful regional footwear and fashion accessories retailer Mass, the Croatian solar panel manufacturer Solvis, the specialized e-bike retailer A2U, the IT company Margis, and the tourism company Unitur, which operates Terme Zreče and Rogla ski resort. The company’s second alternative investment fund ACP AIS II holds a majority equity stake in Big Bang Group, which has expanded into Croatia, Serbia, and Bosnia and Herzegovina in recent years. By 2028, the group is expected to generate approximately EUR 600 million in annual revenue.

This notice is of an informative nature and is intended solely to inform the public about the activities of Advance Capital Partners, upravljanje alternativnih investicijskih skladov, d.d., Dalmatinova ulica 8, 1000 Ljubljana, Company Registration Number: 9430598000, Tax Identification Number: SI63283069, Registered Capital: 650,000.00 EUR, which is registered with the District Court in Ljubljana, www.acp.si (Advance Capital Partners d.d.), and is authorized by the Securities Market Agency to manage alternative investment funds. Nothing in this notice shall be construed as a promise, guarantee, or projection of future performance or results. Advance Capital Partners d.d. manages two alternative investment funds, i.e., Advance Capital Partners d.d., specialni investicijski sklad, k.d., Dalmatinova ulica 8, 1000 Ljubljana, Company Registration Number: 9450017000, Tax Identification Number: SI75430576, which has the status of a special investment fund and is subject to the supervision of the Securities Market Agency, and Advance Capital Partners d.d., alternativni investicijski sklad II, k.d., Dalmatinova ulica 8, 1000 Ljubljana, Company Registration Number: 9699597000, Tax Identification Number: 40649466, which is intended exclusively for professional investors. This notice does not constitute a marketing communication, an offer, or an invitation to subscribe to or acquire units of the specialized investment fund Advance Capital Partners, d.d., SIS, k.d., or the alternative investment fund Advance Capital Partners d.d., AIS II, k.d. This is a marketing communication. Please refer to the Offering Memorandum of the Advance Capital Partners d.d., SIS, k.d., and Advance Capital Partners d.d., AIS II, k.d., and the KID before making any final investment decisions.