Seattle based, a Canadian investment group has purchased Onlineshoes.com. 100% of the profitable online business was purchased by Hardy Capital Partners and a small group of Canadian investors.
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 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.
“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.