Wolverine Worldwide has acquired Sweaty Betty, a global fitness and lifestyle brand on a mission to empower women. The all-cash transaction is valued at approximately $410 million.
Founded in 1998, Sweaty Betty has grown to become a global brand designed by women for women. It has cultivated a loyal following through its purpose-driven mission and high-quality products, including a wide array of on-trend tops, bottoms, swimwear, outerwear and accessories. Distributed around the world, over 80 percent of the brand’s revenue currently comes through DTC channels, allowing deep connections with its passionate consumer base.
“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,” states said Blake W. Krueger, Wolverine’s chairman and CEO. “It also gives us a leadership position in the growing women’s activewear category.” Krueger adds, “Wolverine Worldwide has a long and successful track record of acquiring and building brands, including performance brands like Sweaty Betty, and we are thrilled to welcome them to our company.”
“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,” states Brendan Hoffman, president of Wolverine Worldwide. “Sweaty Betty’s expertise and focus on apparel, female consumers and best-in-class digital execution has proven to be a winning combination. We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio.”
Sweaty Betty CEO 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,” Straus says. “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. Their portfolio of purpose-driven heritage brands, knowledge and expertise in building performance brands, robust international distribution and supply chain expertise provides a strong platform to expand Sweaty Betty and further our mission to ‘empower more women through fitness all over the world’.”