Norwegian apparel brand Helly Hansen has been sold to American company Kontoor Brands, known for owning Wrangler and Lee, for approximately $900 million (around 10 billion NOK). Most of Helly Hansen’s maritime and leisure wear is produced in Asia, including Vietnam, China and Bangladesh. The company will continue to operate from its headquarters in Oslo.
Scott Baxter, President and CEO of Kontoor Brands, expressed enthusiasm about the acquisition, stating plans to scale up Helly Hansen’s operations. CFO Joe Alkire noted that the purchase is expected to accelerate Kontoor Brands’ growth and earnings potential.
Founded in 1877 by Captain Helly Juell Hansen in Moss, Norway, Helly Hansen has undergone several ownership changes over the years. The brand was owned by Orkla Group in the 1970s, sold to British investors in the 1990s, acquired by Altor Equity Partners in 2006, and later by Ontario Teachers’ Pension Plan in 2012. Canadian Tire Corporation purchased Helly Hansen in 2018 for approximately 6 billion NOK.
The acquisition by Kontoor Brands is expected to be finalized in the second quarter of 2025, pending necessary approvals.
