Wolverine Acquires Sweaty Betty for $410 Million
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.
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