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Wolverine buys women’s activewear brand Sweaty Betty

Aug 5, 2021 United States
Wolverine buys women’s activewear brand Sweaty Betty
The Michigan-based group which counts with a varied portfolio of footwear and lifestyle brands has acquired Sweaty Betty, a global fitness and lifestyle brand. The all-cash transaction is valued at approximately 410 million US dollars
“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. It also gives us a leadership position in the growing women’s activewear category”, commented Blake W. Krueger, Wolverine’s Chairman and Chief Executive Officer.

“Sweaty Betty aligns perfectly with our strategic growth plan for Wolverine Worldwide, as we focus on growing digital channels, expanding our international footprint, and building our brand portfolio beyond footwear”, added Brendan Hoffman, President of Wolverine Worldwide. For Wolverine, Sweaty Betty’s expertise and focus on apparel, female consumers, and digital execution has “proven to be a winning combination”.

Founded in 1998, Sweaty Betty has quickly grown to become a global brand designed by women for women. It has cultivated a loyal following through for its wide array of tops, bottoms, swimwear, outerwear, and accessories. Distributed around the world, over 80% of the brand’s revenue currently comes through direct-to-consumer channels, allowing deep connections with its passionate consumer base.

Sweaty Betty’s Chief Executive Officer, Julia Straus, will continue to lead the brand and will report to Hoffman. “Sweaty Betty has seen incredible growth over the past few years, and we are excited to further accelerate this growth as part of the Wolverine Worldwide family,” said Straus. “From the moment I met the team at Wolverine Worldwide, I knew they were the right partner to support us in the next chapter of Sweaty Betty”, she concluded 

Transaction Details

Effective from the 2nd of August 2021, Wolverine acquired all the shares of Lady of Leisure InvestCo Limited, the entity that owns the Sweaty Betty brand, from L Catterton and other shareholders for approximately 410 million US dollars, funded by cash and the company’s revolving line of credit. It is expected to be accretive to earnings in year one. 

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