Wolverine World Wide, Inc. has acquired Sweaty Betty, a global fitness and lifestyle brand with the transaction valued at approximately 410 million dollars.
“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. It also gives us a leadership position in the growing women’s activewear category,” said Blake W. Krueger, Wolverine’s chairman and chief executive officer.
The company said in a statement that founded in 1998, Sweaty Betty has quickly grown to become a global brand designed by women for women. The brand’s product range includes a wide array of on-trend tops, bottoms, swimwear, outerwear, and accessories. Distributed around the world, over 80 percent of the brand’s revenue currently comes through direct-to-consumer channels, allowing deep connections with its passionate consumer base.
Sweaty Betty acquired for 410 million dollars
“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,” added Brendan Hoffman, president of Wolverine Worldwide.
The company added that Sweaty Betty’s chief executive officer, Julia Straus, will continue to lead the brand and will report to Hoffman.
“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,” said Straus.
Further commenting on the development, Tamara and Simon Hill-Norton, founders of Sweaty Betty said: “We founded Sweaty Betty in 1998 with the purpose to empower women through fitness, and today we are delighted to have found the right partner in Wolverine Worldwide, a company that is perfectly positioned to support the acceleration of our mission.”