Hardy Capital Partners, along with a small group of prominent Canadian investors, have acquired 100 percent of OnlineShoes.com, a $140 million profitable online footwear retailer based out of Seattle. Hardy Capital Partners also acquired 100 percent of ShoeMe.ca, a Vancouver-based online footwear retailer for an undisclosed amount.
Hardy is owned by Roger Hardy, founder and former CEO of optical giant Coastal Contacts Inc. 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 reins 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.
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 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.
ShoeMe.ca is one of Canada's fastest growing e-commerce companies with a focus on apparel and footwear brands.