Wolverine Worldwide sells more Asian assets

Xtep will now develop, market and distribute Merrell and Saucony products in China.

US-based footwear producer Wolverine Worldwide (WWW) has announced the sale of its minority ownership interest in the entity which owns the intellectual property rights for the Saucony brand in China, as well as its equity interest in the Merrell and Saucony joint venture in China. These assets – reportedly costing USD 61 million – will now belong to Xtep, with whom WWW formed a joint venture in 2019 to launch the two brands onto the Chinese market.

Xtep will now be responsible for the development, marketing and distribution of footwear, apparel and accessories for both the Merrell and Saucony brands in China. This transfer of ownership is said to provide an opportunity to unleash the brands’ full potential in this key market, while allowing WWW to focus on its own brand building.

In addition, WWW has sold the Sperry brand to Authentic Brands Group and the ALDO Group. “The sale of the Sperry brand is the next step in our turnaround and strategic transformation,” said WWW’s president and chief executive, Chris Hufnagel. “In a very short time, we have meaningfully reshaped Wolverine Worldwide – simplifying the portfolio, reducing our debt, and redesigning the organisation to drive improved performance and profitability,” he added. “These efforts have enhanced the company’s capacity to invest in our brands and platforms, and I am excited about the next chapter in our turnaround – focused squarely on building consumer-obsessed global brands and delivering greater value for our shareholders.”

Publishing Data

This article was originally published on page 2 of the January 2024 issue of SATRA Bulletin.

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