Sorel is getting a new headquarters.
In an announcement on Tuesday, the footwear brand’s parent, Columbia Sportswear Co., stated that Sorel would move into an expanded headquarters building in early 2023.
According to the company, the new Sorel headquarters will be housed in an exclusive single-use building on Columbia Sportswear’s campus in Washington County, Oregon. The company added that the new space will provide the room and resources needed for the team to continue to attract “industry-best” talent. The brand previously had been located in a historic building in Downtown Portland.
“This is an exciting and indicative moment for our brand,” said Mark Nenow, president of Sorel, in a statement. “We thrive on shared creative energy to drive design, marketing and distribution of amazing function-first fashion footwear.”
Tim Boyle, chairman, CEO and president of Columbia Sportswear, added in the statement, “When we purchased the Sorel brand in 2000, it was a small Canadian company renowned for its men’s winter work and snowboard boots. Now, it is a rapidly growing female-first brand creating exciting and differentiated products from sandals to wedges to sneakers to boots. It’s an amazing story and a testament to the creativity and drive of Sorel’s employees.”
This move follows last month’s announcement that Sorel is shaping up to be Columbia Sportswear Co.’s fastest-growing brand, with a 20% to 22% expected compound annual growth rate over the next three years.
The announcement, made at Columbia Sportswear’s first investor day since going public in 1998, also saw the company lay out a goal to add over $700 million in net sales by 2025, a strategy that hinges on growth in footwear, digital sales and international expansion.
Sorel was Columbia’s fastest-growing brand in Q2, with net sales up 24%. In an earnings call in July, Boyle said the brand had the potential “to become a $1 billion footwear brand.” Most of Sorel’s product — around 70% — is designed for women, Boyle said in April. The opportunity for growth will be led by the sneakers and fashion footwear from the brand, he added.
Between the three-year period spanning 2023 to 2025, Columbia expects to see total annual shareholder returns between 13% to 17% and net sales growth of between 9% and 11%.