In a move to expand its global reach, Native Shoe, based in Vancouver, British Columbia, has entered into a nonbinding letter of intent to sell a controlling interest of the company to an investment group. The terms remain confidential at this time.
Native, known for its colorful EVA footwear, is currently being led by acting CEO and majority investor Scott Hawthorn. He replaced company co-founder Damian Van Zyll De Jong, who left Native this month. According to the company, Hawthorn plans to sell his majority investment for a minority stake in Native as part of the deal.
Under Hawthorn, the company is focusing its efforts on growing its operational structure in British Columbia, appointing a CEO and board of directors, and cultivating its product, sales, marketing and finance teams.
Native will deliver its summer collection in May, and is continuing to book orders for fall ’13.