Canadian Tire to buy Helly Hansen for $985mn

By zaymalz malz

Leading automotive retailer Canadian Tire Corporation has announced that it has agreed to acquire Norwegian outdoor and sports clothing retailer Helly Hansen for $985mn including debt.

The move is a significant step for Canadian Tire in the way of diversifying its offerings, whilst the firm will also be able to access a number of new markets by leveraging Helly Hansen’s existing global footprint across 40 countries.

See also:

“For more than ten years, Helly Hansen has been an exceptional fit with Canadian Tire and this acquisition will strengthen our assortment across all of our banners,” said Stephen Wetmore, President and CEO, Canadian Tire Corporation.

“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.”

Canadian Tire has gradually been moving away from its origins of selling car parts, instead moving more readily into the sportswear and apparel market, with the Helly Hansen acquisition providing the company with the ideal platform to sell its own clothing brands more widely.

“As a Canadian, I am particularly proud to say that Canadian Tire is the new home for Helly Hansen,” said Paul Stoneman, CEO of Helly Hansen.

The deal is expected to close in Q3 2018.

Share

Featured Articles

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

During this unprecedented era of rapid digital transformation, establishing a well-functioning ecosystem stands to benefit both employees and customers

Mastercard: Supporting clients at a time of rapid evolution

Mastercard has announced a significant expansion of its consulting business with the launch of new practices dedicated to both AI and economics

Why Ceridian has boldly rebranded to Dayforce

Human Capital

McKinsey’s eight lessons in leadership for aspiring CEOs

Leadership & Strategy

KPMG: The biggest challenges facing global CEOs in 2023

Leadership & Strategy