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Wolverine Worldwide Ships Sperry to Authentic Brands Group and Aldo Group

That ship (Sperry) has sailed! Wolverine Worldwide has sold the sailing-inspired brand, which will be marking its 100th anniversary in 2025, to Authentic Brands Group and the Aldo Group for approximately $130 million. The brand’s iconic Top-Sider is the boat shoe that has anchored preppy fashion.

“The sale of the Sperry brand is the next step in our turnaround and strategic transformation,” states Chris Hufnagel, Wolverine Worldwide’s President and CEO. “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.”

The announcement builds on the company’s previously-announced asset monetization transactions that collectively generated nearly $250 million in cash in 2023 and streamlined operations. That included the $58.8 million sale of Hush Puppies intellectual property in China, Hong Kong, and Macau, and the sale of the U.S. Wolverine Leathers business to New Balance for $6 million. Those deals came on the heels of the company’s sale of Keds to Designer Brands for an undisclosed sum.

“In a very short time, we have meaningfully reshaped Wolverine Worldwide—simplifying the portfolio, reducing our debt, and redesigning the organization to drive improved performance and profitability,” Hufnagel adds. “These efforts have enhanced the company’s capacity to invest in our brands and platforms, and I am excited about the next chapter in our turnaround—focused squarely on building consumer-obsessed global brands and delivering greater value for our shareholders.”

The Sperry Top-Sider Authentic Original

 

The March 2024 Issue

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