Canadian merchant bank Hardy Capital Partners has acquired and consolidated OnlineShoes.com and ShoeMe.ca to create the largest online footwear business based in Canada.
The joint company will have more than 250 employees, with collective annual revenue of approximately $200 million CDN. The retailer will offer more than 350 shoe brands, 35,000 different SKUs and serve more than 1.5 million customers in 2014.
Roger Hardy, Founder and former CEO of Coastal Contacts Inc., will act as Chairman and CEO of the newly formed company. Sean Clark, Founder of ShoeMe.ca will continue to serve as President, while a 100-day consolidation plan is established.
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“The footwear category in North America is estimated at more than $50 billion and there are large segments of the population being grossly underserved,” Hardy said. “We are determined to redefine the shopping experience for North American consumers while delivering the savings and convenience they’ve come to expect from other online categories.”
The acquisitions follow the $430 million purchase of Hardy’s company, Coastal Contacts Inc., by French eyewear retailer, Essilor in February 2014.
