The company behind Merrell, Saucony, Sperry, Stride Rite and other shoe names is adding premium women’s activewear brand Sweaty Betty to its portfolio as it expands its categories, geographies and online sales.
Wolverine Worldwide bought the 23-year-old digitally native Lululemon competitor for $410 million from L Catterton. a consumer-focused private equity firm. The deal, which closed Monday, was funded by cash and a revolving line of credit.
“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,” Wolverine President and incoming CEO Brendan Hoffman said in a statement Tuesday.CNBC