Wolverine Acquires Fitness Brand Sweaty Betty
Wolverine Worldwide has acquired female activewear brand Sweaty Betty. The Saucony, Merrell and Sperry parent spent $410 million cash to purchase the female-focused, global fitness and lifestyle brand that was founded in 1998. Wolverine CEO Blake Krueger, in a statement said the deal gives Wolverine “a leadership position in the growing women’s activewear category.”
More than 80 percent of Sweaty Betty’s sales of products ranging from swimwear to outerwear are generated through Direct-To-Consumer channels.
“Sweaty Betty’s expertise and focus on apparel, female consumers, and best-in-class digital execution has proven to be a winning combination,” remarked Brendan Hoffman, president of Wolverine Worldwide.
Formal news of the acquisition came days after Wolverine released its Q2 results, raising its FY21 revenue outlook to $2.34-2.4 billion that would equal a 31-34 percent year-over-year increase. In Q2, Saucony’s revenue increased 120 percent from Q2/20 and 65 percent from Q2/19, fueled by a more than tripling of its trail running business and double-digit improvement from its Originals unit. Merrell revenues rose 88 percent year-over-year and 30 percent from Q2/19.