Dorel sells Sugoi and Sombrio to Louis Garneau Sports

Dorel offers Sugoi and Sombrio to Louis Garneau Sports

MONTRÉAL (BRAIN)– Dorel Sports has offered its Sugoi and Sombrio clothes brand names to Louis Garneau Sports Inc., Dorel Industries announced Wednesday. Dorel stated it is leaving the performance apparel company to focus on bikes, parts, accessories and electrical ride-ons. “Regardless of the strong brands and products in Sugoi and Sombrio, apparel is not a tactical top priority and has actually been a drain on Dorel’s financials. It is in the best interests of our investors for us to concentrate on our core businesses. Sugoi and Sombrio are a ideal fit for Louis Garneau Sports Inc. They focus on biking apparel and I am confident both brands will enhance their excellent product offerings to retailers worldwide,” said Martin Schwartz, Dorel’s president & CEO, Dorel Sports’ moms and dad, the publicly traded Dorel Industries, expects to record an approximated $11 million of restructuring and other expenses during the second quarter ending June 30, 2018, primarily associated to non-cash charges associated with the write-down of hallmarks and noncash inventory markdowns. The company said the quantity may be subject to alter as soon as Dorel completes its analysis of the transaction. Dorel will offer extra information and updates in its 2018 2nd quarter combined monetary declarations, which is anticipated to be issued on Aug. 3. Dorel obtained Sugoi Efficiency Apparel in 2008 when it bought Cannondale Bike Corp. from Pegasus Capital Advisors. Dorel bought Sombrio in 2014. Louis Garneau Sports called the deal “a strategic acquisition that will reinforce its placing on the West Coast of both Canada and the U.S.A. and provide strategic opportunities for growth in Western Europe and Asia.” “This acquisition will enable Garneau Group to rapidly increase its sales and end up being a world leader in biking garments,” said Louis Garneau, the company’s president and founder. He stated the three brand names will be on screen together at next month’s Eurobike show. “We will provide our three brands and presented the Canadian spirit and the strength of our innovations.” Garneau kept in mind that a second generation of member of the family are increasingly associated with the business. Louis’ son William, 28, is basic manager of the company while Edouard, 25, is sales director. Their sister, Victoria, 21, has simply finished her research studies in Fashion Design and will quickly be joining her siblings full-time in the family company. “We are reinventing ourselves since biking is not just about the specialists, it is also a lifestyle. We will be touching many categories of cycling through clothing. We wish to end up being the leader by presenting a ready-to-wear bike clothing section for individuals who practice active transportation, making biking accessible and enjoyable for everybody and, in doing so, develop a biking lifestyle. We want to be the world’s biking option with our brand name portfolio,” Louis Garneau said. “This is my tradition to my three children … this Never ever Give Up approach that is my motto, and which is demonstrated through this acquisition,” the Saint-Augustin-de-Desmaures business owner states. Louis Garneau Sports will keep sales, marketing and item design operations for Sugoi and Sombrio in Vancouver. The rest of the activities will be transferred to the LGS head workplace in Saint-Augustin-de-Desmaures, Quebec, where approximately 10 brand-new tasks will be created.

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