Another Wolverine brand goes to new owners
Footwear group Wolverine Worldwide has concluded a deal to sell its Sperry shoe brand. Sperry, a boat shoe-inspired brand with an almost 90-year history, became part of Wolverine in 2012 as part of the acquisition of the peformance and lifestyle footwear part of Collective Brands.
By 2014, Wolverine’s chief executive at the time, Blake Krueger, spoke of Sperry in glowing terms and said it had become the group’s second-largest brand.
Its new owners are brand-development specialist Authentic Brands Group and footwear design, production, retail and wholesale specialist Aldo Group. These two groups have had close ties since Aldo Group emerged from restructuring in 2022. They have already announced partnerships to manage footwear operations for companies including Ted Baker and Brooks Brothers.
Wolverine said the sale of Sperry was the next step in its turnaround and strategic transformation. Chief executive, Chris Hufnagel, added: “We conducted a rigorous process that considered a comprehensive set of strategic alternatives for the brand, and we believe this is the best outcome.”
In the last 12 months, Wolverine has also found buyers for Keds and its in-house leather operation. It has also raised capital from new licensing arrangements for other brands, including Hush Puppies, Merrell and Saucony.
Image: Sperry.
