Authentic snaps up Sperry from Wolverine World Wide

In its latest acquisition as part of an ongoing spree, Authentic Brands Group, together with its long-time partner Aldo Group, has acquired the footwear label, Sperry.

The duo snapped up the brand from Wolverine World Wide (WWW) in a deal that is set to generate total proceeds for the former owner of approximately 130 million dollars in the first quarter of the year, “further strengthening” WWW’s balance sheet.

In a release, Chris Hufnagel, WWW’s president and CEO said: “The sale of the Sperry brand is the next step in our turnaround and strategic transformation.

“We conducted a rigorous process that considered a comprehensive set of strategic alternatives for the brand, and we believe this is the best outcome for the Company and our vision for the future.”

The sale contributes to the company’s previously-announced asset monetisation transactions, which have collectively generated nearly 250 million dollars in cash during 2023.

Last year, WWW set about selling a number of its subsidiaries in an attempt to simplify its business model and reduce its cost structure.

As such, the group sold the brand Keds, the Asia IP of its Hush Puppies label, its US- and Asia-based leather businesses and its equity interest in Merrell and Saucony in China.

Hufnagel added: “In a very short time, we have meaningfully reshaped Wolverine Worldwide – simplifying the portfolio, reducing our debt, and redesigning the organisation to drive improved performance and profitability.

“These efforts have enhanced the company’s capacity to invest in our brands and platforms, and I am excited about the next chapter in our turnaround – focused squarely on building consumer-obsessed global brands and delivering greater value for our shareholders.”