Wolverine World Wide sells Sperry to Authentic Brands Group in shoe retail deal
Publishing timestamp: 2024-01-11 08:48:40
Summary
Wolverine World Wide has sold its brand Sperry to brand management firm Authentic Brands Group. Sperry saw a significant drop in sales, leading Wolverine to focus on better performing assets. Canadian retailer Aldo Group will be the brand's North American operating partner. The deal will generate $130 million, which Wolverine plans to use to pay down debt. The sale of Sperry is part of a trend among retailers to streamline their businesses and focus on growth drivers. Authentic Brands Group plans to expand Sperry's product offerings and market share globally.
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Keywords: wolverine world wide inc, business news, retail industry, designer brands inc, business, walmart inc, hanesbrands inc, foot locker inc, breaking news: business, pvh corp, nike inc,
Source: https://www.cnbc.com/2024/01/11/wolverine-world-wide-sells-sperry-to-authentic-brands-group.html