Kontoor Brands Inc "Mapping Helly Hansen US Expansion Opportunity;..."

研报英文原文证据摘录

Kontoor Brands Inc "Mapping Helly Hansen US Expansion Opportunity;..."

least $330M by FY30, driven by two reinforcing engines: premium wholesale

distribution expansion and a primarily online-led direct-to-consumer ramp. Importantly,

this outlook is based on the premise that Helly Hansen's US business was roughly

comprised half wholesale and half DTC in FY25, or approximately $75 million in each

channel. The most immediate wholesale catalyst is management’s plan to begin

distributing through DICK’S House of Sport in the Northeast in 2H26. Meanwhile,

investments to increase brand awareness, better product segmentation, improved

digital merchandising, stronger paid and organic traffic, and higher repeat purchase

rates should driven its DTC opportunity.

Wholesale expansion and DTC growth opportunities abound. Door count data

suggest the potential retail footprint is meaningful. DICK’S Sporting Goods has over 800

US locations, REI has approximately 194–195 stores, and Scheels operates

approximately 34 units. DICK’S also plans to continue expanding House of Sport, having

opened 16 House of Sport locations in 2025 and planning approximately 14 additional

House of Sport openings in 2026. For Helly Hansen, we estimate the wholesale sell-in

opportunity per mature door can range from roughly $0.15 million to $0.40 million

annually depending on format, assortment depth, replenishment cadence, and whether

the door carries seasonal outerwear only or a more complete technical outdoor and

mountain assortment. Separately, the DTC opportunity is meaningful because Helly

Hansen already has a US e-commerce platform with broad category coverage across ski,

sailing, hiking, rainwear, footwear, kids, workwear-adjacent products, and accessories.