Wednesday 17 January 2018

British outdoor clothing brand Musto bought by Norway’s Helly Hansen

The move strengthens Helly Hansen’s foothold in the UK market, with the Oslo-based firm looking to accelerate Musto’s international expansion.

British outdoor clothing brand Musto has been bought by Norway's Helly Hansen (PA)
British outdoor clothing brand Musto has been bought by Norway's Helly Hansen (PA)

By Ben Woods, Press Association Chief City Correspondent

Norway’s Helly Hansen has snapped up British outdoor clothing brand Musto in a deal understood to be valued at around £50 million.

Helly Hansen has bought Musto from Phoenix Equity Partners and other shareholders as part of a push to become a global leader in sailing clothing.

The move strengthens Helly Hansen’s foothold in the UK market, with the Oslo-based firm looking to accelerate Musto’s international expansion.

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Norway's Helly Hansen buys outdoor clothing brand Musto (PA)

Paul Stoneham, chief executive of Helly Hansen, said: “Musto accelerates Helly Hansen’s long-term aspiration to become a global leader in sailing, matching our leadership position in professional skiing.

“Our focus will be to expand Musto internationally as an iconic British lifestyle brand with deep technical sailing credentials alongside Helly Hansen.

“The two brands are highly complementary and hold in common a deep regard for the sailing community and commitment to preserving our oceans.”

Musto, which is based in London and employs 240 people globally, swung to a £928,903 profit for the year ending in December 2016, with turnover slipping 10% to £28.6 million for the period.

As part of the deal, Mr Stoneham will become executive chairman of Musto, with Peter Smith remaining chief executive of the shooting, sailing and ski brand.

Mr Smith said: “This is an incredibly exciting next phase in Musto’s evolution and we are invigorated by the prospect of working with a business as complementary to our own as Helly Hansen.

“We look forward to leveraging Helly Hansen’s global network and R&D capabilities, as we grow our market-leading position in sailing, country and outdoor apparel.”

Press Association

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