Yesterday, Canada Goose announced their acquisition of Baffin. The iconic Canadian down jacket maker says it has snapped up its fellow iconic Canadian cold weather boot maker to fuel its own expansion into footwear.
Canada Goose says it will pay C$32.5 million in cash and stock for Baffin. The company will use Baffin’s boot making expertise to create its own cold-weather footwear, while letting the brand operate independently as a subsidiary.
“We’ve all seen many apparel manufacturers try and get into footwear and fail at getting into footwear,” Canada Goose Chief Executive Officer Dani Reiss said in an interview Thursday. The company will use the Baffin’s knowledge “as a base to build Canada Goose footwear.”
Baffin, founded in 1979, built its reputation on “polar proven” extreme cold-weather boots, but now sells a range of styles. Products include $56 rain boots and $490 polar expedition boots that will keep your toes warm in temps down to -100 degrees F. That’s cold.
Founded in 1957, Canada Goose gained its extreme weather cred in the 80s with the Expedition Parka. Developed to meet the unique needs of scientists at Antarctica’s McMurdo Station, the down parka quickly became standard issue. Now, the jackets are as likely to be seen worn by celebs as they are by polar explorers.
In recent years, Canada Goose has expanded rapidly by taking the company public, opening retail stores abroad, and adding knitwear and rainwear to its product line. Footwear is they logical next step but expect it to be a year or so before you start seeing Canada Goose labeled footwear hit the market.