Wolverine buys Sweaty Betty for around £ 300m

Premium active wear brand Sweaty Betty Being acquired by a U.S. giant Wolverine About £ 300 million worldwide.

Sweaty Betty

The 23-year-old London-based company is a winner of the athleisure trend, and the label has gained popularity among a wide range of female consumers and has benefited from the tremendous support of celebrities in recent years. Obviously raising.

The company’s CEO, Julia Strauss, remains in place after the actual transaction of £ 294.4m has been completed.

Wolverine is known primarily in the shoe business and owns brands including: Hush puppies, Stride light, Sperry, Keds more.

However, it is clear that there are significant growth opportunities in the GM-to-street apparel segment, which appears to remain in shape after the pandemic.

Founded by Tamara and Simon Hill Norton to address the market gap in interesting and engaging women’s sportswear, the label is one of many athleisure brands that have found sweet spots in the premium market. Consumers are willing to pay a little more for products that they feel have a strong design and functional elements.

This has allowed the brand to grow into a chain of 65 stores in the UK domestic market, establishing strong connections with retailers around the world, including Nordstrom.

“The expertise and focus on apparel, female consumers, and best-in-class digital execution has proven to be a winning combination,” said Brendan Hoffman, president of Wolverine Worldwide. And, despite its presence in the physical store, he emphasized the strength of the digital-first business model that Wolverine expects to leverage.

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Wolverine buys Sweaty Betty for around £ 300m

Source link Wolverine buys Sweaty Betty for around £ 300m

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