Pic: Business Wire
US-based Wolverine Worldwide, which operates a portfolio of footwear and lifestyle brands, has announced acquiring UK-headquartered global fitness and lifestyle brand Sweaty Betty. The latter’s chief executive officer (CEO) Julia Straus will continue to lead the brand and will report to Brendan Hoffman, president of the former. The all-cash transaction, valued at nearly $410 million, was concluded on August 2.
Wolverine Worldwide acquired all shares of Lady of Leisure InvestCo Limited, the entity that owns the Sweaty Betty brand, from L Catterton and other shareholders.
Wolverine Worldwide owns the following brands: Bates, Chaco, HyTest, Hush Puppies, Keds, Merrell, Saucony, Soft Style, Sperry, Stride Rite Children’s Group, Wolverine and Wolverine Leathers.
Founded in 1998, Sweaty Betty sells tops, bottoms, swimwear, outerwear and accessories. Distributed around the world, over eighty percent of the brand’s revenue currently comes through direct-to-consumer channels, a press release from Wolverine Worldwide said.
“The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company. It also gives us a leadership position in the growing women’s activewear category,” said Blake W Krueger, Wolverine’s chairman and CEO.
“Sweaty Betty aligns perfectly with our strategic growth plan for Wolverine Worldwide, as we focus on growing digital channels, expanding our international footprint, and building our brand portfolio beyond footwear,” said Hoffman.
Fibre2Fashion News Desk (DS)
US-based Wolverine Worldwide, which operates a portfolio of footwear and lifestyle brands, has announced acquiring UK-headquartered global fitness and lifestyle brand Sweaty Betty, whose chief executive officer Julia Straus will continue to lead the brand. The all-cash transaction, valued at nearly $410 million, was concluded on August 2.