Wolverine Worldwide, a Michigan-based footwear company, has acquired Sweaty Betty, a women’s activewear brand, in an all-cash deal valued at roughly $410 million.
Wolverine has a massive portfolio of footwear brands that includes Saucony, Merrell, Sperry, Hush Puppies, Stride Rite, and others.
L Catterton — the LVMH-backed private equity firm that bought footwear giant Birkenstock in a $4.8 billion deal in May — is selling Sweaty Betty to Wolverine.
Sweaty Betty is available in about 60 brick-and-mortar stores throughout the U.K., at Nordstrom in the U.S. and Canada, and at standalone stores in Hong Kong.
The brand is on pace to generate $250 million in revenue this year with roughly 70% coming from ecommerce. Wolverine’s acquisition marks another inflection point for women’s sports brands.
- New Balance rebranded its subsidiary Brine as a women’s equipment manufacturer in March.
- Athleta, a Gap-owned women’s activewear brand, sponsors Olympic legends Simone Biles and Allyson Felix.
- Lululemon reported $1.2 billion in revenue in Q1, an 88% increase year-over-year.
Wolverine posted record revenue of $631.9 million in Q2 2021, an 81% increase year-over-year.
The company expects full-year revenue to reach as high as $2.4 billion, up $150 million from the 2021 outlook it shared in February.