Canada Goose enters footwear with Baffin acquisition
today Nov 2, 2018
High-end coatmaker Canada Goose Holdings Inc. is expanding into footwear. The Toronto-based company announced on Thursday that it has acquired fellow cold-weather Canadian designer and manufacturer Baffin Inc. for C$32.5 million.
Baffin, founded in 1979, is known for its outdoor and industrial footwear proficiencies, which Canada Goose will strategically use to create its own cold-weather footwear.
“As we continue to execute our current growth initiatives and build an enduring brand for generations to come, Baffin provides us with valuable infrastructure and know-how to start exploring the exciting global footwear category,” explained Dani Reiss, Canada Goose president and chief executive officer, in a release.
"This strategic and long-term investment is an important first step in Canada Goose’s footwear journey.”
Baffin makes extreme cold-weather boots, for subzero conditions in the Arctic and Antarctic, and also offers some everyday styles. It will continue to operate independently as a subsidiary of Canada Goose out of its own headquarters in Stoney Creek, Ontario.
Canada Goose has been in expansion mode since going public in 2017, venturing into retail and expanding into new product categories.
Founded in 1957, the company currently has stores in London, Toronto, New York, Boston, Chicago, Calgary and Tokyo.
The company has previously said that it plans to have up to 20 stores globally by 2020, with store openings planned in Vancouver, Montreal, New Jersey, Beijing and Hong Kong this fall.
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