Sweden-based retailer, Sneakersnstuff has just been purchased by Norwegian VC firm, FSN Capital, in exchange for 500 million Swedish kronor, or approximately $57.2 million USD, reports Breakit.

Founders of Sneakersnstuff, Peter Jansson and Erik Fagerlind, shared that this deal will focus on the expansion of the sneaker boutique, “We have upcoming store openings in the US this autumn and are looking into how we will expand into Asia next year,” says Erik Fagerlind.

The two also spoke about their passion for cool sneakers, which brought them together over 20 years ago, and led to inspiring their creation of Sneakersnstuff.

“We worked together at Newsport and sold sports shoes but didn’t really have much in common. I played basketball and was all about Nike. Peter played soccer and we came from different parts of Stockholm. However, we both had an obsession with sneakers,” says Erik Fagerlind.

Adding, “We went to New York together to look at unique models that weren’t available in Sweden. As the rumors of our journey spread, our shopping list grew. We realized functionality wasn’t everything and that there was a high demand for fashionable sneakers.”

The small Stockholm-based brand eventually expanded to London and Paris as well as shipping to over 70 different countries worldwide through their website, and has completed over 100 design collaborations with several of the hottest sports manufacturers.

For the full story, head on over to Breakit.

Up next, here are the best Nike sneakers of 2018 (so far) and where to buy them.

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