Reports from Germany say footwear group Deichmann has acquired the rights to make and sell shoes in that market for the Esprit fashion brand, paying an undisclosed figure described as low double-digit millions.

Under a licence agreement, Deichmann has been selling Esprit footwear in its stores for around five years. In May this year, however, Esprit’s German business filed for insolvency.

In a complicated deal, through a subsidiary company called Fasbra SE, Deichmann has now agreed to make a payment to former Esprit subsidiaries in Germany for them to settle debts with creditors.