Wolverine World Wide is selling the intellectual property of its Hush Puppies business in China, Hong Kong and Macau, as part of an ongoing brand portfolio transformation.

The company has signed a definitive agreement to sell Hush Puppies trademarks, patents, copyrights and domains to its sublicensee, Beijing Jiaman Dress Co, for about US$58.8 million. 

The transaction is expected to close in the coming weeks. Wolverine will continue to own and operate the Hush Puppies brand in other countries.

“Our strategic approach in China, Hong Kong and Macau is to focus on our biggest brands, and selling the Hush Puppies intellectual property in these countries is a part of this strategy,” said Chris Hufnagel, president and CEO of Wolverine World Wide.

The company still considers Hush Puppies an important brand and will further grow it through global licensing partnerships, Hufnagel stated.

Mike Stornant, executive VP and CFO, added that Wolverine is reshaping its portfolio to become more efficient, direct resources into growth brands, pay down debt and enhance long-term shareholder value.

The company has just completed the sale of its US Wolverine Leathers business to New Balance, a long-time customer, for approximately $6 million.

Founded in 1883, Wolverine Worldwide’s portfolio of brands includes  Merrell, Saucony, Sperry, Sweaty Betty, Hush Puppies, Wolverine, Chaco, Bates, Hytest, and Stride Rite.