Last week, New Wave Group announced the acquisition of a Canadian company called Paris Glove, that produces sports gloves under the Auclair Sports brand name as well as other types of gloves for the fashion and industrial markets. The Swedish group, which is involved in sporting goods as well as promotional clothing and accessories, is paying 16.5 million Canadian dollars (€12.1m-$16.2m) for the company, based in Montreal, which had operating income of C$2.8 million (€2.1m-$2.8m) on revenues of C$28 million (€20.5m-$27.5m) in the past year.
An executive of New Wave indicated there will be numerous synergies in sourcing as well as distribution. Paris Glove has been making its products in Canada as well as in China. The parent company of Craft, Cutter & Buck and Ahead will provide technical expertise in product development as well as assistance in sourcing, notably through its own office in Shanghai.
In the sports segment, it will help distribute the products of Paris Glove more widely in Europe and elsewhere, after they have been sold primarily in North America. Craft and Seger, another subsidiary of New Wave that makes knitted socks and headwear and is sold mainly in the Nordic countries, fit well with Auclair, which sells gloves for skiing, snowboarding and cycling in sporting goods stores. The brand has been associated for more than 30 years with the Canadian cross-country ski team, and it is the official supplier of practically every other snow and ice-related sports team in the country.
The Laurentide business of the Canadian firm, which consists of gloves, protective clothing and rainwear for industrial uses, will fit very well with New Wave's workwear. Paris Glove also supplies Dynaflite baseball and softball equipment to Canadian team sports dealers. It has licensing deals with a number of brands including Izod, Kodiak, Joseph Abboud and Simon Chang. The company also supplies gloves on a private-label basis to chains and department stores in the U.S.
The New Wave executive did not want to comment on possible changes in management and operations at this stage. Since its inception in 1945, Paris Glove has been run by the family of Felix and Lily Monk, who founded the company. They call their company Paris Glove because they fell in love and had their first baby in that city, and because Paris signifies romance, fashion and prestige.
