Helly Hansen Acquired by Lee and Wrangler Parent for $900 Million USD

Summary

• Lee and Wrangler owner Kontoor Brands has closed its previously announced acquisition of Norwegian outdoor label Helly Hansen for $900 million USD.

On Monday morning, Kontoor Brands, parent to heritage denim labels Lee and Wrangler, finalized its previously announced deal to acquire performance gear brand Helly Hansen, closing at $900 million USD.

“Today marks an exciting step forward for Kontoor as we expand our portfolio of iconic consumer brands,” said CEO of Kontoor Brands Scott Baxter. “The acquisition of Helly Hansen will increase our growth profile, drive greater category, channel and geographic diversification, and increase our penetration in the attractive outdoor and workwear markets,” he continued. “I want to thank the entire Helly Hansen team for their partnership as we have worked toward this exciting milestone. Together, I am more confident than ever that we will create significant long-term value for our shareholders.”

The move arrives as major players in the apparel sector look to get in on the growth of the outdoor and performance gear market, a development particularly relevant to Kontoor, whose bread and butter has been its small group of heritage lifestyle labels. In addition to diversifying its offerings, Kontoor’s global presence may also benefit from the move, given that Helly Hansen enjoys much of its popularity in international regions like Japan, where Lee and Wrangler also share relevance.

Founded in 1877, the Norwegian label was acquired from its previous owner, Canadian Tire Corporation. According to Kontoor, Helly Hansen is expected to boost the company’s revenue, adjusted earnings per share, and cash flow with immediate effects in fiscal 2025. Per a report from Ecotextile News, the brand is anticipated generate upwards of $680 million USD in revenue and $80 million USD in adjusted EBITDA for the full year 2025.

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