New Wave Group buys Paris Gloves of Canada
Sweden-based New Wave Group, which supplies promotional products and sportswear brands such as Cutter & Buck and Speedo in Europe and the US, has bought snowsports and performance gloves brand Paris Glove of Canada for $16.3 million (CAD$16.5 million).
During 2010, Paris Glove reported sales of $27.6 million with an operating profit of $2.8 million.
“We view Paris Glove as a complement to our other apparel lines and global markets,” said Torsten Jansson, managing director and CEO of New Wave Group. “The company provides an established base of entry to Canada’s retail markets for other New Wave products with Paris Glove’s established customer base.”
Paris has been family-owned since its inception in 1945, when founders Felix and Lily Monk brought their glove knowledge to Canada.
Auclair is the sport and outdoor division of Paris Glove. It creates products for the sports and fashion markets as well as industrial gloves for men and women, adults and children. The company also sells a line of men and women’s scarves and headwear, and distributes a limited selection of other products to its customer base on behalf of other brands.
