Business as usual for MBT subsidiaries despite administration
17/05/2012
Unmanageable levels of debt forced court-appointed administrators to take over the running of Masai Group International in mid-May.
However, MBT Ibérica, a new subsidiary the company set up for Spain, Portugal and Andorra at the start of 2011, has told media that it will carry on as normal. MBT shoes, whose curved soles imitate the footwear worn by the Masai tribe in Kenya, entered the Spanish market seven years ago, but last year the company bought out its distribution partner and launched the new wholly owned subsidiary.
In the course of its first year, MBT Ibérica increased sales by 10.5% and set up a retail chain of 70 own-brand stores, as well as 40 franchises. In addition, MBT shoes are for sale in 150 multi-brand outlets, including the stores of the region’s biggest department store group, El Corte Inglés.
“MBT Ibérica is still growing and is still solvent,” the company said, “and we can guarantee its continued viability in the short and long term.”
Similarly, MBT has said that its subsidiary in the UK, Masai GB, is to continue its business as usual. It has eight own-brand stores there, plus four outlet stores. The brand also works with 100 multi-brand stores in the UK.
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