Wolverine Worldwide buys Sweaty Betty brand
WWW views the acquisition as part of its strategic shift away from being a traditional footwear wholesaler.
Footwear and lifestyle brand owner Wolverine Worldwide (WWW) has acquired London-based activewear producer Sweaty Betty for a reported $410 million (£294.4 million).
Founded in 1998, Sweaty Betty has grown to become a global brand known for supplying products designed by women for women, including tops, bottoms, swimwear, outerwear and accessories. More than 80 per cent of the company’s revenue is said to be derived from direct-to-consumer channels, through international eCommerce and stores in the UK and Asia, as well as a presence in Selfridges and Harrods in the UK, and Nordstrom outlets across North America.
“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,” said Wolverine’s chairman and chief executive Blake Krueger. “It also gives us a leadership position in the growing women’s activewear category. Wolverine Worldwide has a long and successful track record of acquiring and building brands, including performance brands like Sweaty Betty, and we are thrilled to welcome them to our company.”
Sweaty Betty’s chief executive Julia Straus will continue to head the company, while reporting to WWW president Brendan Hoffman.
This article was originally published on page 3 of the September 2021 issue of SATRA Bulletin.