Kanuk Changes Hands

MONTREAL--(BUSINESS WIRE)--May 7, 2024--

Kanuk, the outerwear clothing brand based on Rue Rachel in Montreal, is announcing today its acquisition by a group of investors led by Bertrand Cesvet. With over 30 years of experience building brands, particularly at Sid Lee, Mr. Cesvet aims to propel Kanuk into Canadian and international markets by emphasizing creativity.

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"I have spent my professional career building and promoting brands internationally. As an active investor, I am now applying my capital and expertise to benefit brands like Psycho Bunny and now Kanuk, which, in my opinion, have the potential to grow rapidly both in Canada and abroad," said Bertrand Cesvet. "In my view, innovation and especially creativity, are the main drivers of value creation for brands. I believe that my experience at Sid Lee and more recently at Psycho Bunny will definitely be an asset in relaunching Kanuk. I am excited about the challenge ahead!" he added.

As CEO, Mr. Cesvet contributed to making Sid Lee one of the most award-winning commercial creativity agencies in the world. He notably led the repositioning of several famous brands including Adidas, Absolut Vodka, Cirque du Soleil, and many others. After leaving Sid Lee, he became a shareholder and Chief Creative Executive for the Quebec clothing retailer Psycho Bunny. Since his arrival two years ago, Psycho Bunny has doubled its revenue. The brand operates more than 130 stores across North America, as well as in Japan and Dubai.

Mr. Cesvet will serve as Chief Creative Executive for both Psycho Bunny and Kanuk. He also intends to leverage the experience and some corporate services available to Psycho Bunny to benefit the Rue Rachel brand. To grow Kanuk, Mr. Cesvet plans to expand the existing product range to offer clothing suitable for all four seasons and the changing climate in Quebec and elsewhere. Mr. Cesvet believes that Quebec is well positioned to understand and meet the needs of customers.

Since 2015, Kanuk has been wholly owned by Corporation Financière Champlain, a private investment company based in Montreal. The company will remain involved in the brand by collaborating with the new group of shareholders.

"We are very pleased to see Bertrand Cesvet take control and direction of Kanuk," said Pierre Simard, CEO of Corporation Financière Champlain. "He has repeatedly demonstrated his ability to grow brands. His expertise is recognized, and the future of Kanuk appears more promising than ever."

About Kanuk

For nearly 50 years, Kanuk has been designing and manufacturing outerwear clothing in a small factory located in the heart of Montreal. Our designs are meticulously crafted to adapt to the environment and withstand extreme conditions. Thanks to the enduring quality of our clothing, our styles from today and yesterday harmoniously intertwine in Montreal, where they were born. More information at https://www.kanuk.com/en_ca/

Bertrand Cesvet (Photo: Business Wire)

DUBAI, United Arab Emirates (AP) — A helicopter carrying Iranian President Ebrahim Raisi suffered a “hard landing” on Sunday, Iranian state media reported, without immediately elaborating.

Raisi was traveling in Iran’s East Azerbaijan province. State TV said the incident happened near Jolfa, a city on the border with with the nation of Azerbaijan, some 600 kilometers (375 miles) northwest of the Iranian capital, Tehran.

Traveling with Raisi were Iran's Foreign Minister Hossein Amirabdollahian, the governor of Iran's East Azerbaijan province and other officials, the state-run IRNA news agency reported. One local government official used the word “crash” to describe the incident, but he acknowledged to an Iranian newspaper that he had yet to reach the site himself.

Neither IRNA nor state TV offered any information on Raisi’s condition.

Rescuers were attempting to reach the site, state TV said, but had been hampered by poor weather conditions. There had been heavy rain and fog reported with some wind. IRNA called the area a "forest."

Raisi had been in Azerbaijan early Sunday to inaugurate a dam with Azerbaijan’s President Ilham Aliyev. The dam is the third one that the two nations built on the Aras River. The visit came despite chilly relations between the two nations, including over a gun attack on Azerbaijan's Embassy in Tehran in 2023, and Azerbaijan's diplomatic relations with Israel, which Iran's Shiite theocracy views as its main enemy in the region.

Iran flies a variety of helicopters in the country, but international sanctions make it difficult to obtain parts for them. Its military air fleet also largely dates back to before the 1979 Islamic Revolution.

Raisi, 63, is a hard-liner who formerly led the country’s judiciary. He is viewed as a protégé of Iran’s Supreme Leader Ayatollah Ali Khamenei and some analysts have suggested he could replace the 85-year-old leader after his death or resignation from the role.

Raisi won Iran's 2021 presidential election, a vote that saw the lowest turnout in the Islamic Republic’s history. Raisi is sanctioned by the U.S. in part over his involvement in the mass execution of thousands of political prisoners in 1988 at the end of the bloody Iran-Iraq war.

Under Raisi, Iran now enriches uranium at nearly weapons-grade levels and hampers international inspections. Iran has armed Russia in its war on Ukraine, as well as launched a massive drone-and-missile attack on Israel amid its war against Hamas in the Gaza Strip. It also has continued arming proxy groups in the Mideast, like Yemen's Houthi rebels and Lebanon's Hezbollah.

Associated Press writer Nasser Karimi in Tehran, Iran, contributed to this report.

FILE- Iranian President Ebrahim Raisi places his hands on his heart as a gesture of respect to the crowd during the funeral ceremony of the victims of Wednesday's bomb explosion in the city of Kerman about 510 miles (820 kms) southeast of the capital Tehran, Iran, Jan. 5, 2024. A helicopter carrying Iranian President Ebrahim Raisi suffered a “hard landing” on Sunday, May 19, 2024, Iranian state television reported, without immediately elaborating. (AP Photo/Vahid Salemi, File)