Companies

Wolverine Worldwide sells Sperry to ABG

Jan 15, 2024 United States

Authentic Brands Group (ABG) has acquired the Sperry brand from Wolverine Worldwide for 130 million USD, bringing on board the Aldo Group to design, manufacture and distribute the brand globally

Wolverine Worldwide announced that the transaction will generate total proceeds of approximately 130 million US dollars for debt repayment in the first quarter of 2024. This deal is in line with the company’s strategic transformation plan and builds on previous divestitures – including the sale of Keds, Hush Puppies intellectual property in China, Wolverine Leathers, as well as the adoption of a new operating model for Merrell and Saucony in Greater China – that together generated nearly 250 million US dollars in cash in 2023.

“The sale of the Sperry brand is the next step in our turnaround and strategic transformation” emphasized Chris Hufnagel, Wolverine Worldwide’s President and Chief Executive Officer. “We conducted a rigorous process that considered a comprehensive set of strategic alternatives for the brand, and we believe this is the best outcome for the Company and our vision for the future”.

At the same time, Authentic Brands Group announced that, as usual, it will convert the Sperry business to a licensing model. To this end, the Aldo Group has come on board to become Sperry’s North American operating partner for wholesale, e-commerce and store operations. The group will also be the brand’s partner for footwear design, production, and distribution globally.

“Sperry's influence extends far beyond fashion, embodying a lifestyle that celebrates exploration. We look forward to launching Sperry into a new era alongside Aldo Group, an incredible partner and leader in the footwear industry”, commented Jamie Salter, Chairman and CEO of Authentic.

The CEO of the Aldo Group, David Bensadoun, added, “We’re looking forward to adding 23 Sperry stores to the 430 other branded stores we operate in North America, as well as welcoming Sperry’s store employees to our team. Our powerful operational structure for stores, wholesale and e-comm has been built over five decades, and we’re excited to put our deep experience to use right away elevating Sperry”.

Image Credits: hawleylaneshoes.com

United States ABG Acquisitions Aldo Authentic Brands Group Companies Footwear Shoes Wolverine Worldwide, Inc.