Wolverine World Wide, Inc. in Rockford, operator of one of the largest portfolios of footwear and lifestyle brands, today announced it has acquired Sweaty Betty, a global fitness and lifestyle brand headquartered in London.
The all-cash transaction is valued at approximately $410 million and closed on Aug. 2.
“The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company,” says Blake W. Krueger, chairman and CEO of Wolverine. “It also gives us a leadership position in the growing women’s activewear category.
“Wolverine Worldwide has a long and successful track record of acquiring and building brands, including performance brands like Sweaty Betty, and we are thrilled to welcome them to our company.”
Founded in 1998, Sweaty Betty is a brand designed by women for women. Products include tops, bottoms, swimwear, outerwear, and accessories that are distributed worldwide, with more than 83 percent of the brand’s revenue coming from direct-to-consumer channels.
“Sweaty Betty has seen incredible growth over the past few years, and we are excited to further accelerate this growth as part of the Wolverine Worldwide family,” says Julia Straus, CEO of Sweaty Betty.
“From the moment I met the team at Wolverine Worldwide, I knew they were the right partner to support us in the next chapter of Sweaty Betty. Their portfolio of purpose-driven heritage brands, knowledge and expertise in building performance brands, robust international distribution, and supply chain expertise provides a strong platform to expand Sweaty Betty and further our mission to ‘empower more women through fitness all over the world.’”
Straus will continue to lead the digitally native brand, the first in Wolverine Worldwide’s portfolio, and will report to Brendan Hoffman, president of Wolverine.
Sweaty Betty has shops in the U.K. and Asia, in addition to being in Selfridges, Harrods, and shop-in-shops in over 99 Nordstrom stores across North America. The brand’s products can also be found at leading retailers all over the world.