Surprise acquisition will help Wolverine “build beyond footwear”
Outdoor footwear group Wolverine World Wide has announced the surprise acquisition of UK-based activewear and lifestyle clothing brand Sweaty Betty.
Wolverine has acquired all of the equity of Lady of Leisure InvestCo Limited, which owns the Sweaty Betty brand, from private equity firm L Catterton and other shareholders. It will pay a total of $410 million.
It said it admired Sweaty Betty tops, bottoms, swimwear, outerwear and accessories, saying they were innovative, on trend and of high quality. It also noted that more than 80% of Sweaty Betty’s sales come through direct-to-consumer channels.
President and incoming chief executive of Wolverine, Brendan Hoffman, said on announcing the acquisition: “Sweaty Betty aligns perfectly with our strategic growth plan, as we focus on growing digital channels, expanding our international footprint and building our brand portfolio beyond footwear. We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio.”
