The owner of Wolverine boots, Hush Puppies and Keds is expanding into women’s activewear with the all-cash deal for Sweaty Betty.
It’s the latest in a series of deals in the fashion sector and targets an area that has been relatively resilient to the pandemic. Wolverine is acquiring Sweaty Betty from investors including LVMH-backed private equity firm L Catterton.
Wolverine Worldwide said Sweaty Betty, which generates more than 80 percent of its revenue through direct-to-consumer sales, will bolster its digital offering as it shifts from a predominantly wholesale model in response to the pandemic. The group said it expects the activewear brand to boost overall earnings within the first year.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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