Canada Goose is selling its Baffin footwear brand as it looks to simplify operations and concentrate on its luxury lines.
The Canadian apparel company on Wednesday said it reached an agreement to sell Baffin to closely-held L.P. Royer, a Canadian maker of work and military footwear.
Financial terms of the deal weren't disclosed by the companies.
Canada Goose bought Baffin in 2018 for 32.5 million Canadian dollars, the equivalent today of about $23 million. Adding the producer of winter, outdoor and industrial boots was Canada Goose's first step into footwear.
"This transaction is about focus. We've made meaningful progress evolving Canada Goose into a year-round lifestyle brand, and this gives us the opportunity to continue that momentum," Chairman and Chief Executive Dani Reiss said.
Since launching its first footwear collection in 2021, Canada Goose has invested in and expanded the category. This has seen it grow from extreme-weather boots into a broader assortment that includes lightweight hikers, everyday performance styles and sneakers.
Royer said it intends to invest in the Baffin brand, which will remain a separate brand under its umbrella. The entire Baffin team will join the company, which was founded in Quebec in 1934.
Baffin was created in 1979 by the Hubner family in Stoney Creek, Ontario, and has built a reputation for technical boots in Canada.
Canada Goose said it expects the sale to close in August.
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