Royal Elastics is a brand of athletic and leisure shoes that fastens with velcro and elasticated cord instead of laces. The company was founded in 1996 by two Australians who realised there was no need for laces in sneakers, and produced shoes fastened using velcro or elasticated cord.
It was acquired by American footwear company, K-Swiss in 2001 for an undisclosed amount in an effort to expand its share of the athletic and leisure shoe market. The founders, Rodney Adler and Tull Price, relocated to K-Swiss headquarters at Westlake Village, California.
By 2008, the company had 10 stores in Asia and opened its first store in the United States. K-Swiss later sold Royal Elastics to a management led investment group in 2009, recording a gain of $1.4 million in the second quarter. |
