Fashion
Canadian Tire Corporation (CTC) is set to buy Norwegian sportswear brand Helly Hansen for US$771 million.
Helly Hansen, founded in 1877, has been progressively expanding its footprint to cover 40 countries, specialising in clothing for sailing, skiing, mountain sports, wet weather gear and workwear. The business was previously owned by the Ontario Teachers’ Pension Plan.
Despite its name, CTC is Canada’s largest retail operator with interests in apparel, food, car tyres, sports and homewares. Its brands include Mark’s, SuperCycle and FGL (formerly Forzani). Mark’s is one of Helly Hansen’s largest retail customers.
“For more than 10 years, Helly Hansen has been an exceptional fit with CTC and this acquisition will strengthen our assortment across all of our banners,” said Stephen Wetmore, president and CEO of CTC.
“With our capabilities and Helly Hansen’s trusted global brand and management team, we see tremendous opportunity for CTC and Helly Hansen, in Canada and internationally.”
Helly Hansen’s CEO Paul Stoneham and his management team based in Oslo, will continue to lead the business.
