Rockford, Michigan - Wolverine World Wide has successfully sold its iconic Sperry brand to Authentic Brands Group (ABG) and the ALDO Group for a whopping $130 million. The deal, which officially closed on January 10th, is a significant step in the company's ongoing turnaround plan.
Wolverine World Wide, known for its diverse range of shoe and clothing brands, including Merrell, Saucony, and Sweaty Betty, has been actively exploring strategic alternatives to optimize its portfolio. The decision to divest the Sperry brand comes after the successful sale of its Keds brand in late 2022.
Authentic Brands Group, a well-established name in the fashion industry, boasts an impressive collection of clothing and lifestyle brands. With their ownership of Eddie Bauer, Forever 21, and Nautica, ABG is certainly well-positioned to nurture and further elevate the iconic Sperry brand.
Joining ABG in this acquisition is the ALDO Group, a renowned fashion retailer with a strong presence in the industry. Operating under beloved brands such as Aldo, Call It Spring, and GLOBO, ALDO brings its invaluable expertise and successful track record to the table.
The proceeds from this sale will play a crucial role in Wolverine World Wide's financial strategies, specifically in debt reduction. These funds will be generated during the first quarter of this year, setting the stage for future growth and success.