Wolverine Sells Sperry to ABG, Focusing on Core Brands
Wolverine World Wide, Inc. has concluded a significant deal, selling its Sperry brand to Authentic Brands Group, Inc. and the Aldo Group. The transaction, which closed on January 10, 2024, fetched approximately $130 million for Wolverine in the first quarter.
The strategic move comes after Wolverine explored various options for Sperry since May 2023. Authentic Brands Group, known for its global expansion strategies, plans to grow Sperry's product range and market share worldwide. The deal saw Authentic Brands Group pay $70 million for the Sperry brand.
In a separate transaction, Wolverine sold its Hush Puppies trademarks, patents, and domains in China for approximately $58.8 million. The U.S. and Canada rights for Hush Puppies were licensed to Designer Brands, effective July 1, 2023. Earlier, in February 2023, Wolverine sold its Keds brand to Designer Brands for $123.3 million.
The sale of Sperry, along with previous divestments of Keds and Hush Puppies, allows Wolverine to focus on its core performance and workwear brands, including Merrell, Saucony, Sweaty Betty, and Cat. The company also sold its U.S. leathers business to New Balance, further streamlining its portfolio.
Read also:
- Thieves Steal Unique Sculptures from Redwood National Park's Grove of Titans
- Stellantis Pivots US Strategy: Drops Electric Dodge Charger, Embraces V8s
- Thessaly's Climate Plan Stalls Two Years After Storm Daniel Devastation
- Strategizing the Integration of Digital Menus as a Core Element in Business Operations
