Wolverine World Wide has bought British fitness and lifestyle brand Sweaty Betty in an all-cash transaction valued at US$410 million, enabling the footwear business to expand into women’s apparel.
The parent company of Keds, Merril, and Saucony has acquired all shares of Lady of Leisure InvestCo, the entity that owns the Sweaty Betty brand, from L Atterton and other shareholders, funded by cash and the company’s revolving line of credit.
Founded in 1998 by Tamara and Simon Hill-Norton, Sweaty Betty is known for its premium women’s apparel, activewear, and accessories. The lifestyle brand has also built a loyal customer base worldwide, with over 80 per cent of its revenue coming from direct-to-consumer channels.
“Sweaty Betty aligns perfectly with our strategic growth plan for Wolverine Worldwide, as we focus on growing digital channels, expanding our international footprint, and building our brand portfolio beyond footwear,” said Brendan Hoffman, president, Wolverine Worldwide.
CEO of Sweaty Betty, Julia Straus, will continue to lead the brand and report to Hoffman.