Columbia Sportswear Company, the global leader in active lifestyle apparel, footwear and accessories, has announced its plans to get full hold of Columbia Sportswear Commercial, a joint venture with Swire Resources Limited, a subsidiary of Swire Pacific Limited.
Columbia Sportswear currently holds 60 per cent stake in the joint venture that began operations on January 1, 2014, while 40 per cent of the stake is owned by Swire.
The acquisition is likely to be finalised by January next year as it is subject to various conditions, including regulatory approval in China.
The joint venture currently operates a total of 86 retail outlets in China. The products are also retailed through brand-specific e-commerce websites as well in the country. It also has distribution relationships with approximately 50 wholesale dealers that operate approximately 750 retail locations.
Post-acquisition, the current workforce and management team will continue to be the same.
Tim Boyle, Columbia’s President and Chief Executive Officer, thanked Swire Resources for helping the brand to write the success story in China. “Our partnership with Columbia Sportswear has been a proven success over many years,” stated Richard Sell, Director, Trading and Industrial Division of Swire Pacific Limited in a statement issued by the company.
The joint venture reported sales of around US $ 168 million in 2017. The Columbia brand is now well positioned in the crucial Chinese market.