Norwegian market leader Syversen AS invests in Dear Denier

Since 2012, Dear Denier's production of sustainable socks and tights has increased significantly and our products are currently being sold in over 200 stores across markets such as Denmark, Germany, Norway, the UK and the Netherlands. We are now ready to enter into a close partnership with a major Norwegian player in the market, Syversen AS, with whom we will further develop our brand and products and increase distribution in the Nordic region and internationally.

Dear Denier has spent the last couple of years researching in sustainable materials and production and at the same time focused on streamlining the business model and preparing the Italian production setup for scaling with the right partner - now found in Syversen AS.

Frederik Drost Lewinsky, CEO in Dear Denier, says about the new partnership:

“We are incredibly proud that Syversen can see great potential in Dear Denier and that they are willing to invest in an upcoming company like ours. No one knows more about the product category in the industry than Syversen so it is truly a recognition of our concept and products that can now reach even more people. In addition we have matching values and our competencies in design development and production complement Syversen's competencies in logistics and distribution really well, "he says, adding:

"The partnership also means that we are able to strengthen our focus on brand development and product innovation so we can keep challenging the hosiery industry and its devastating environmental impact with our sustainable approach.”

Katrine Drost Lewinsky and Frederik Drost Lewinsky

High expectations for growth in the coming years

Since 2016 we have been growing almost 200% and this year the company has been able to include major retailers such as Zalando and Anthropologie on the customer list. The negotiations with Syversen have resulted in the Norwegians becoming co-owners of Dear Denier and distributor of the company's products in the Nordic and Baltic countries.About the acquisition, Syversen's co-owner, Hans Erik Syversen, says:

“Syversen AS is built on socks and tights, and Dear Denier has a modern approach to the category. Dear Denier is sustainable products made in Italy with the right and modern design. Katrine and Frederik, who have started the brand are also two people we look forward to working with.”

The next step for Dear Denier is to refine the concept and prepare it for scaling. The company is expected to have sales of more than 20-25 million over the next five years.

Hans Erik Syversen

About Syversen AS

Syversen AS was established in Fredrikstad in 1940 and has for three generations established itself as a Nordic distributor of international brands in socks, tights and underwear. The family company currently has 32 employees and in 2019 has a turnover of approximately DKK 120 million. Syversen AS also owns ETON socks and the swimwear brand Panos Emporio.

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