DSW buys into Canada’s largest footwear retailer
16/04/2014
The deal, for $62 million, is expected to close in May and cements DSW’s position as one of the largest shoe retailers in North America.
It currently owns 407 stores in the US and supplies to 357 leased locations.
Town Shoes reported sales of C$291 million in its fiscal year ending January, 2014. Alberta Investment Management Corporation owns the largest share.
Mike MacDonald, CEO of DSW, said: "We have looked at Canadian entry options for some time and decided to acquire an existing operation with a long track record of success and to use this operation as a base from which we can establish the DSW brand in Canada.
"We hope to share best practices in sourcing, operations, inventory management, and omni-channel integration to our mutual advantage.”
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