Footwear group Wolverine Worldwide has announced the sale of ownership of the business in China of two of its brands, Saucony and Merrell. The buyer is China-based sports footwear brand Xtep.

It first formed a joint venture with Xtep in 2019 to launch the Merrell and Saucony brands in China. Now, Xtep has bought Wolverine’s share of that Chinese joint-venture business. It will pay Wolverine around $60 million for its share.

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