Wolverine restructuring is in full swing
11/08/2017
Wolverine chairman, CEO and president, Blake Krueger, said the results reflected good progress towards its goals as the business transforms. He explained that it is focusing on “elevating our most powerful brands with consumers, delivering continuous product innovation and sustained organic growth, and unlocking incremental operational efficiencies”.
Speaking on a conference call to investors, Mr Krueger said Wolverine has nearly tripled its investment in consumer insights, marketing intelligence, innovation and trends resources. It has also expanded its digital infrastructure to grow its e-commerce business, he added.
Questioned on the performance of individual brands during the second quarter, Mr Krueger said Merrell saw growth of just above mid-single digits, while Chaco posted mid-teens growth. There was a mid-single digit decrease in revenue from the Sperry brand, but Saucony saw slight growth.
At the start of August, Wolverine sold its Sebago brand to BasicNet, an Italian group that owns sportswear manufacturer Kappa, as part of a strategy to streamline its portfolio. Wolverine has confirmed this deal was worth $14.3 million.
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