Hardy Capital Partners, a merchant bank established by Roger Hardy, founder and former CEO of Coastal Contacts Inc, has acquired ShoeMe.ca, an online footwear retailer, for an undisclosed amount. The Vancouver-based ShoeMe.ca will be combined with another acquisition, U.S.-based OnlineShoes.com, to form a new retail footwear business with headquarters in Canada. Earlier this year, online eyewear provider Coastal Contacts was acquired by Essilor International SA for $430 million. The company was in the past backed by Canadian private equity firm Vancity Capital Corp.
Coastal.com Founder Steps Into Shoe Business with Acquisition of ShoeMe.ca and OnlineShoes.com
VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 15, 2014) – Roger Hardy, Founder and former CEO of optical giant Coastal Contacts Inc., today announced his company, Hardy Capital Partners, along with a small group of prominent Canadian investors, have acquired 100 per cent of OnlineShoes.com, a $140 million profitable online footwear retailer based out of Seattle. Hardy Capital Partners has also acquired 100 per cent of ShoeMe.ca, a Vancouver-based online footwear retailer for an undisclosed amount. Hardy intends to consolidate the two companies, creating the largest online footwear operation headquartered in Canada.
“The footwear category in North America is estimated at more than $50 billion and there are large segments of the population being grossly underserved,” said Hardy. “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.”
Hardy is no stranger to disrupting industries through e-commerce. In February it was announced his company, Coastal Contacts Inc., the largest online eyewear company on the planet, was being sold to French eyewear giant, Essilor, for $430 million CDN. Hardy will take the reigns of the consolidated online shoe company as Chairman and CEO. Sean Clark, founder of ShoeMe.ca, and a former employee of Coastal Contacts Inc., will remain as president of the Canadian operations while a 100-day consolidation plan is rolled out.
“Roger’s experience and expertise in disrupting retail industries through e-commerce is unprecedented,” said Clark. “We are elated to have him at the helm of our expanded operation and look forward to maximizing the resources of both entities to offer a premium level of service to our customer base across North America.”
The combined entity will have more than 250 employees across North America with combined annual revenues of approximately $200 million CDN. The company will offer a selection of more than 350 shoe brands and 35,000 different shoes serving more than 1.5 million customers shoes this year. For more information visit: www.shoeme.ca or www.onlineshoes.com.
About Hardy Capital Partners
Hardy Capital Partners is a Canadian merchant bank established to foster the growth of young businesses that have the potential to achieve market leading positions. Managing over $100 million, our quest is to continue to help build and grow successful businesses. We are industry agnostic and have no geographic restrictions. We understand and can support businesses by helping them navigate the complex nature of global marketplace. www.hardycapital.com.
ShoeMe.ca is one of Canada’s fastest growing ecommerce companies. Our mission is to redefine the shopping experience by directly connecting consumers with premium clothing and footwear brands. We apply technology and fashion expertise to enable consumers to experience the best that these brands have to offer. We provide an unparalleled level of customer service and proudly offer free shipping and a hassle free return policy on every order. For more information, visit: www.ShoeMe.ca.
Established in 1996, OnlineShoes.com is the nation’s first online shoe retailer. With a history that began decades ago in a family-owned corner shoe store, the company is committed to delivering exceptional value and service, both in the United States and internationally. OnlineShoes.com offers the latest high-quality footwear for men, women and kids with over 300 name brands, as well as a wide selection of bags and accessories. Customers are entitled to a 110-percent price guarantee, a 365-day return policy, and free shipping and exchanges on most orders. For more information, visit www.OnlineShoes.com.
Nadia Gillies, Yulu PR
Jennifer Maloney, Yulu PR
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