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Kontoor Brands of North Carolina acquires Helly Hansen in a deal worth nearly $1.3 billion.
Helly Hansen, a familiar name in Canadian workwear and outdoor fashion, is set to lose its Canadian identity. Canadian Tire Corp. Ltd. has signed a deal worth nearly $1.3 billion to sell the Oslo-founded brand to Kontoor Brands Inc., a clothing company based in North Carolina. Once finalized, the agreement will shift ownership of Helly Hansen to U.S. hands, ending a six-year chapter of Canadian control.
Kontoor Brands, known for its portfolio of Wrangler, Lee and Rock & Republic, sees the acquisition as a strategic expansion into the outdoor apparel sector. The deal includes a long-term supply agreement that ensures Canadian Tire’s retail banners like SportChek and Mark’s will continue carrying Helly Hansen products, though the brand itself will no longer be part of Canadian Tire’s portfolio. The transaction is expected to close in the second quarter of 2025, pending regulatory approvals and standard closing conditions.
Canadian Tire acquired Helly Hansen in 2018 for $985 million, plus the assumption of $50 million in debt, positioning the brand as a tool to expand globally and strengthen its banners. But after shifting its strategic focus more sharply toward its core Canadian retail operations, the company is now divesting the international brand to “unlock value” and streamline operations. Analysts have noted that the global ambitions tied to Helly Hansen never fully materialized, making the divestment a logical step for the retailer.
The sale marks a significant transition for Helly Hansen, which traces its roots back to 1877 in Norway and has grown into a global name in ski, sailing, and workwear apparel. While the brand will remain available in Canada, its identity as a Canadian-owned company is coming to an end. With Kontoor taking over operations, Helly Hansen becomes part of a larger U.S.-based conglomerate with the infrastructure to scale the brand internationally.
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