British outdoor clothing brand Musto has been acquired by Norwegian firm Helly Hansen in a deal rumoured to be valued around £50 million.
Musto – which has several standalone stores and trades directly to consumers via its own website – was bought from Phoenix Equity Partners and other shareholders as part of Helly Hansen’s plans to accelerate the brand’s international expansion.
As part of the deal, Helly Hansen chief executive Paul Stoneham will become executive chairman of Musto, while Peter Smith will remain chief executive of the outdoor clothing brand.
The acquisition also solidifies Helly Hansen’s foothold in the UK retail market.
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