Norwegian outdoor brand Helly Hansen has signed a deal to buy British sailing and country clothing brand Musto.
The deal will make Helly Hansen one of the largest players in professional sailing clothing – it is already a market leader in professional skiing clothing.
Peter Smith, CEO of Musto, will continue to lead the business. He will report to Helly Hansen CEO Paul Stoneham, who will also become executive chairman of Musto.
Helly Hansen said it will invest in Musto’s international growth ambitions as well as expanding its technological and sourcing capabilities.
Stoneham 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.”