After the auction, which was the fifth attempt to sell Peko, Alpina said it had saved the oldest Slovenian shoe brand, one which had been its main rival in certain segments for decades.

Peko's bankruptcy administrator Tadeja Tamše told the STA she was very pleased with the deal.

After overcoming its own financial problems, Alpina believes the acquisition of Peko, a brand well-known in Slovenia and former Yugoslavia, will help expand the network of Alpina stores on these markets and boost sales of women's and men's footwear.

Since Alpina plans to revive the brand, it also purchased some of Peko's manufacturing equipment.

Alpina sees synergies in other markets. "Alpina and Peko have some joint buyers in the German and Russian markets and after our most recent talks, some of them have already confirmed cooperation," said Alpina CEO Bojan Gantar.

Alpina also noted that it had successfully carried out operative and financial restructuring last year, finishing 2017 with the best result in the last ten years. The Žiri-based company would, however, not reveal any figures.

The majority owner of Alpina is the Bank Assets Management Company (BAMC), the state-owned bad bank, while Abanka, Slovenia's third largest bank, holds a 13% stake.