Propago buys majority share in Dale of Norway

Norwegian-based investment group Propago has purchased a 67 percent share of Dale of Norway, a leading manufacturer of exclusive knitwear. Intent on pushing the brand and growing the Dale collection, the new owners injected $5 million (U.S.) into product development.
NORWEGIAN-BASED investment group Propago has purchased a 67 percent share of Dale of Norway, a leading manufacturer of exclusive knitwear. Intent on pushing the brand and growing the Dale collection, the new owners injected $5 million (U.S.) into product development.
    “Dale of Norway is one of the few Scandinavian apparel brands that is recognized throughout Europe and North America,” said Ole-Bjørn Gjerde, who, along with Tor Andersen, co-manages Propago. “We believe there are excellent opportunities to grow the brand and will focus our efforts in maximizing future growth.”
    Dale of Norway’s previous sole owner, the Winder group, retains a third of the company as part of the new deal. Dag Teiland, CEO of Winder, said, “We’re pleased to partner with Propago as owners of Dale of Norway; we’re confident they share our vision to grow the brand and provide strong leadership for the company to move forward.”
    “Dale of Norway is synonymous with excellence in design and craftsmanship, and has seen increased demand in North America in recent years,” said Henrik Lumholdt, president of Dale of Norway North America. “Having these new owners closely involved with the company along with the addition of funds into growing our product portfolio will ensure the competitiveness of the brand and reinforce its value for the success of our retailers.”