The Norwegian clothing company Helly Hansen will be part of Canadian Tire Corp. 985 million Canadian dollars (equivalent to 648 million euros) will buy the outdoor brand and assume its debts.
The Canadians expect this to boost sales of sportswear. The purchase is also intended to boost international sales. The Toronto-based company, which sells everything from clothing to kitchen appliances in Canada, already has Helly Hansen Parkas in its range, and soon the whole range of the company.
“With our capabilities and Helly Hansen’s trusted global brand and management team, we see tremendous opportunity for Canadian Tire and Helly Hansen, in Canada and internationally,” said Stephen Wetmore, CEO of Canadian Tire.
Helly Hansen owns stores in more than 40 countries and sells sailing gear and outdoor clothing. In addition to the countries in Europe, the core markets are the USA, Great Britain and Canada. With their outdoor clothing, Norwegians compete with the US competitors The North Face, Columbia Sportswear or Patagonia and the Canadian label Canada Goose.