Canadian waterproof sneaker brand Vessi might be looking for a new home.
Three sources familiar with the matter have told FN that the seven-year-old direct-to-consumer shoe brand has met with potential investors and is contemplating what to do next. The Vancouver-based brand launched on Kickstarter in 2017 with a line of waterproof sneakers and has since sold more than 1 million pairs of shoes.
Vessi did not return requests for comment.
Canadian entrepreneur trio Andy Wang, Tony Yu, and Mikaella Go launched Vessi after spending two years creating what they described as “the world’s first 100 percent waterproof knit shoes.” Vessi opened its first-ever permanent store in British Columbia in 2022 with an intention to penetrate the U.S. market more broadly. In 2023, the brand opened its second physical store at the Square One Shopping Centre in Mississauga, Ontario. That same year, Vessi expanded its distribution into wholesale.
Since launching in footwear, Vessi has expanded its assortment to include waterproof apparel and backpacks.
In 2019, Vessi launched the Vessi Community Fund, which donated $5 from every pair of shoes sold to various charity programs and community initiatives. According to the brand, Vessi has donated more than $500,000 to charity partners. In 2020, Vessi allocated $1,000 a day to support 10 frontline workers as part of its funding program for COVID-19 relief.
The news comes during an otherwise quiet period for brand deals this year. Thus far in 2024, the market has been complicated by higher interest rates, which makes it more expensive for would-be buyers to borrow money.
