Press release

A joint decision by the relevant parties has led to Sport Net Holdings, who recently merged with Glohold (Pty) Limited, to sell the marketing and distribution rights of Salomon to Musgrave Agencies.

Says Eric Ichikowitz, CEO Sport Net Holdings, “With the shift of our business as it merges with Glohold, it makes strategic sense for us to sell our rights to Musgrave Agencies, who can focus on the Salomon brand and take it forward. This is a brand with a tremendous foundation that has been exceptionally well accepted into the SA market. Musgrave is well positioned to ensure the brand reaches its potential as it takes on is new positioning in this market.”

Guillaume Meyzenq, Area Director for Amer Sports, “We are very pleased with the cooperation of all the parties in South Africa. Sports Net Holdings have established this brand successfully and we can now work with Musgrave in aligning our SA activities with our European strategies.”

“The details of the transfer have been concluded and are expected to be finalized by the end of December 2008. We will all work together to achieve a seamless handover so as to continue to deliver to our South African customers. The Musgrave group represents a number of international brands successfully and we are excited at the opportunity to represent a brand of this calibre” concluded Arthur Limbouris, Director of Musgrave.

This move will result in the closure of the Amer Sports SA representative office, previously run by Gordon Hope. These responsibilities will now be taken over by EMEA regional representatives who are based in Europe.