Wolverine offloads US leather business, sells IP of Hush Puppies in China
02 September, 2023
As part of its ongoing brand portfolio transformation, Wolverine World Wide (WWW) has opted to sell the intellectual property of its Hush Puppies brand in China, Hong Kong and Macau.
The transaction, worth approximately 58.8 million dollars, was established with the company’s current sublicensee Beijing Jiaman Dress Co., which has entered into an agreement to licence and oversee the footwear business in the regions.
WWW will continue to own and operate Hush Puppies throughout the rest of the world.
In a release, the group’s chief executive officer Chris Hufnagel, said that this approach was to enable WWW to focus on its biggest brands. Hufnagel added: “Hush Puppies remains an important brand in our portfolio, and we are committed to growing it through strong global licensing partnerships and expanding our connections with local consumers.”
In addition to this, WWW further announced that it had completed the sale of its US Wolverine Leathers to New Balance, in a deal totaling around six million dollars and covering Wolverine’s tannery contracts.
WWW noted that it was still exploring alternatives for its non-US Wolverine Leathers business.
Adding to Hufnagel’s comments, Mike Stornant, executive vice president and chief financial officer of WWW, said: “These transactions are the latest actions in our ongoing effort to reshape our portfolio and target our most meaningful opportunities.
“We continue to streamline our organisation and become more efficient, so that we can direct greater resources into our growth brands, pay down debt, and enhance long-term shareholder value.”
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Source: fashionunited.uk