Columbia Sportswear Co. has bought out its partner in a joint venture in China. The Portland-based outdoor apparel company launched the joint venture with Swire Resources Limited, a subsidiary of Swire Pacific Limited, in January 2014.
Columbia had owned 60 percent of the entity and Swire the other 40 percent. Effective Wednesday, Columbia owns the entire entity. Swire remains the exclusive distributor of Columbia Sportswear in Hong Kong and Macau.
“We thank Swire Resources for contributing to the success and growth of the Columbia brand in China,” said Columbia CEO Tim Boyle, in a news release. “They have been an exceptional partner for us over the years and we look forward to continuing our strong relationship with them in Hong Kong and Macau.
China remains a key marketplace for Columbia and other outdoor and apparel companies because of its fast-growing economy.
“We are very pleased with the positioning of the Columbia brand, and are committed to investing in the continued long-term success of Columbia in the crucial Chinese market,” Boyle said. “The acquisition is consistent with our strategy to accelerate investment as a brand-led, consumer-focused business in the areas of highest growth potential for our existing brands.”
In October, Columbia reported record quarterly sales and raised its outlook. The company’s stock climbed 15 percent in 2018, well ahead of the overall market, which was down roughly 7 percent.