Helly Hansen sold off to a Canadian Tire Corporation
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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.
Questions & Answers
Q.What is the primary business of the company buying Helly Hansen?
What is the primary business of the company buying Helly Hansen?
Canadian Tire Corporation, despite its name, is Canada's largest retail operator. It has diverse interests, including apparel, food, car tyres, sports, and homewares, and owns brands like Mark's and SuperCycle.
Q.What kind of clothing does Helly Hansen specialise in producing?
What kind of clothing does Helly Hansen specialise in producing?
Helly Hansen specialises in clothing for sailing, skiing, mountain sports, wet weather gear, and workwear. The Norwegian brand has been expanding its global footprint since its founding in 1877.
Q.Who will continue to manage Helly Hansen after the acquisition?
Who will continue to manage Helly Hansen after the acquisition?
Helly Hansen's current CEO, Paul Stoneham, and his management team based in Oslo, will continue to lead the business. This structure is expected to support future growth for both companies.
Q.How much is Canadian Tire Corporation paying for Helly Hansen?
How much is Canadian Tire Corporation paying for Helly Hansen?
Canadian Tire Corporation is set to buy the Norwegian sportswear brand Helly Hansen for US$771 million. This acquisition aims to strengthen CTC's assortment across its various retail banners.
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