Wolverine Planet Extensive, Inc. in Rockford, operator of just one of the premier portfolios of footwear and lifestyle manufacturers, currently announced it has acquired Sweaty Betty, a world wide physical fitness and lifestyle manufacturer headquartered in London.
The all-cash transaction is valued at roughly $410 million and closed on Aug. 2.
“The acquisition of Sweaty Betty enhances our strategic change in excess of the past numerous years from a regular footwear wholesaler into a consumer-obsessed, electronic-centered growth corporation,” states Blake W. Krueger, chairman and CEO of Wolverine. “It also provides us a leadership place in the developing women’s activewear group.
“Wolverine Around the world has a lengthy and thriving track report of buying and developing brand names, such as overall performance manufacturers like Sweaty Betty, and we are thrilled to welcome them to our firm.”
Founded in 1998, Sweaty Betty is a brand designed by women of all ages for women of all ages. Products contain tops, bottoms, swimwear, outerwear, and accessories that are dispersed worldwide, with much more than 83 per cent of the brand’s income coming from direct-to-purchaser channels.
“Sweaty Betty has noticed outstanding growth about the previous few many years, and we are psyched to even further speed up this growth as element of the Wolverine Globally loved ones,” claims Julia Straus, CEO of Sweaty Betty.
“From the second I achieved the crew at Wolverine Worldwide, I realized they had been the appropriate partner to aid us in the upcoming chapter of Sweaty Betty. Their portfolio of function-pushed heritage brands, understanding and know-how in building effectiveness brand names, sturdy global distribution, and offer chain expertise offers a potent system to develop Sweaty Betty and further our mission to ‘empower more women of all ages by means of health all in excess of the planet.’”
Straus will continue to direct the digitally native model, the first in Wolverine Worldwide’s portfolio, and will report to Brendan Hoffman, president of Wolverine.
Sweaty Betty has outlets in the U.K. and Asia, in addition to currently being in Selfridges, Harrods, and store-in-retailers in in excess of 99 Nordstrom suppliers throughout North The usa. The brand’s products can also be found at leading stores all in excess of the globe.