Nike has announced the acquisition of the UK-based SlideX and the new company is going to be called “Tiger”, according to The Wall Street Journal.
The news comes after the company reported a net loss of $10.2 million in the third quarter, which was down 14% from the same period last year.
The company, which will continue to sell its sports apparel, is expected to close the deal later this month.
The new company, Tiger, is going for a premium price tag of $1,500 per piece and will be based in London.
According to the company’s website, the deal is the result of a “long-term collaboration between Tiger and Nike”.
“Tiger is the best selling sports footwear in the UK and we are delighted to be working with them on their next great product line,” Tiger owner, Mark Hulley, said in a statement.
“We are looking forward to sharing more details about Tiger over the coming months and will provide further details on the launch of the new line as soon as possible.”
Tiger has been selling its shoes for the last four years, but it’s the launch this month of the brand’s new line that is likely to be the biggest drawcard.
The brand has already sold out of the first pairs of its new shoes, and it’s only just getting started with its new range.