Advance Capital Partners and Mass Group Acquire Austrian Footwear Retailer Leder & Schuh

Ljubljana, Graz 31^st March 2026 – Following the fulfilment of all conditions precedent and obtaining approvals from relevant competition authorities, Advance Capital Partners and Mass Group have successfully completed the acquisition of the Austrian footwear retailer Leder & Schuh. With this acquisition, the group now operates in nine European markets and, with more than EUR 400 million in annual revenue, ranks among the top 10 largest footwear retailers in Europe. Leder & Schuh will continue to operate as an independent company and will retain its headquarters in Graz. As part of the transaction, Advance Capital Partners, Mass and the parent company Ponds also secured the refinancing of all existing bank loans of the Austrian company, thereby providing a solid foundation for its long-term financial stability.

“The acquisition of Leder & Schuh represents an important step in the execution of our strategy. However, the completion of the acquisition marks only the beginning of our work, as we have ambitious plans for Central and Eastern Europe. Under the umbrella of the parent company Ponds, we will combine the international experience of Mass and Leder & Schuh and create conditions for accelerated organic growth and business expansion. Over the next five years, we aim to open an additional 60 new HUMANIC, SHOE4YOU, Mass and Skechers stores across Austria, Slovenia, Croatia, Hungary, the Czech Republic, Slovakia, Germany, Romania and Bulgaria, while also expanding our online sales. Our goal is to become the leading omnichannel footwear and fashion accessories retailer in CEE,” said Sašo Apostolovski, Founder and CEO of Mass.

“This partnership strengthens our foundations and opens new opportunities for growth. Together, we are creating the future of the footwear retail sector – with a focus, innovation and a customer-centric approach,” added Armin Weger, CEO of Leder & Schuh.

“The integration is a logical next step in the development of both companies and a clear reflection of the vision of Advance Capital Partners. Today, the combined group employs 2,300 people and operates in nine countries with a network of 290 stores, providing a strong platform for further regional expansion. Our objective is to further develop and strengthen the existing brands and by 2029 the group is expected to generate more than half a billion euros in annual revenues,” said Aleš Škerlak, President of the Management Board of Advance Capital Partners.

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 84 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. Based on preliminary estimates, Mass Group increased its revenue by approximately ten percent in 2025 to nearly EUR 110 million and is also planning above-average growth in 2026.

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 202 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.

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: 684,200.00 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 to the KID before making any final investment decisions.