Lolë explained the strategic acquisition marks an important step in its expansion and strengthens its position in the global sportswear market.

It believes it will benefit from the experience and know-how of Louis Garneau Sports to develop new innovative collections and meet the growing needs of sports and outdoor enthusiasts.

"This is an exciting opportunity to partner with a beloved brand that brings its unique perspective to our team. The acquisition will allow us to diversify our product offering and strengthen our commitment to innovation, quality, and performance, providing our customers with an even broader range of sports clothing and equipment," said Todd Steele, CEO of Lolë.

Louis Garneau Sports was founded in 1983 by Louis Garneau and his wife Monique Arsenault. The Canadian company is said to be recognised for its expertise in the design of cycling clothing and sports equipment.

Jean-Marc Jahoo, CEO of Louis Garneau Sports added: "We are proud to join a dynamic and well-respected brand like Lolë. Together, we will continue to innovate and offer high-quality products to athletes and sports enthusiasts around the world."

This acquisition will be effective immediately, and both companies said they will work closely to ensure a smooth transition.

The financial details of the deal were not disclosed.