Canada Goose takes first step into footwear market
Canada Goose has taken a first step into the footwear market by acquiring Baffin, the Canadian designer and manufacturer of performance outdoor and industrial footwear.
The performance outdoor apparel brand is purchasing Baffin for $32.5 million Canadian dollars.
Dani Reiss, president and chief executive of Canada Goose, said: “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. This strategic and longterm investment is an important first step in Canada Goose’s footwear journey.”
Following the acquisition, Baffin will continue to operate on a standalone basis from its headquarters in Stoney Creek in Ontario.
Reiss added that he had known and admired Baffin president Paul Hubner for years and watched as he developed innovative new designs and built the business. He added: “For decades, our products have lived side-by-side in the coldest places on earth. The Arctic heritage and best-in-class functionality of Baffin boots are synonymous with what Canada Goose stands for.”
With a total of 80 employees, Baffin mainly sells its products through distributors and retailers in Canada and the US.
Canada Goose said it does not expect the acquisition to have a material impact on the results of its 2019 financial year although it intends to give further information regarding the initiative in its second quarter results.
