All Wolverine Worldwide articles – Page 2
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ArticleDesigner Brands buys Keds from Wolverine Worldwide
Wolverine Worldwide has sold Keds, which it acquired in 2012 as part of its $1,249.5 million acquisition of the assets of the former Performance Lifestyle Group (PLG), for $83.6 million to the North American retailer Designer Brands Inc. The sale also includes the Pro-Keds athleisure brand and Keds’ e-commerce business. ...
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News briefs
Merrell has a new head for U.S. sales
Merrell has appointed Jessica Adler as the brand’s vice president of U.S. sales. With nearly 20 years of experience in retail, Adler will be responsible for the evolution of Merrell’s U.S. wholesale strategy which will further advance the brand’s roadmap for future growth. In her new role, Adler will report ...
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ArticleWolverine Worldwide’s profitability will be impacted by inventory reductions
Wolverine Worldwide reduced its fourth quarter inventory total from the prior quarter by 8.5 percent to $805 million, but the effort is forecast to weigh negatively on the company’s full year and fourth quarter adjusted diluted earnings. Wolverine warned that final earning results, when reported next month, will be at ...
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ArticleCasual footwear sales rebound in 2021
As the world returned to more pre-Covid 19 normalcy, to the office and to social events, the branded casual footwear market recovered strongly by rising 19.5 percent in 2021 to $14,671 million from $12,272 million a year earlier. While impressive, the percentage gain did not equal those made by the ...
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ArticleWolverine Worldwide announces divestitures, staff cuts
Driven by a focus on increasing long-term shareholder value, Wolverine Worldwide is divesting or licensing its Keds brand and Wolverine leather business segments and is initiating an unspecified headcount reduction. The staff cuts are projected to result in approximately $30 million in savings for the company in 2023, and the ...
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ArticleWolverine establishes new brand structure, sets bigger focus on profit
Shares in the parent company of Merrell, Saucony, Keds and Sweaty Betty declined more than 34 percent on Nov.9 after it missed its third-quarter earnings target and lowered its guidance for the FY. Wolverine World Wide Inc.’s shares are down 59 percent year-to-date. The full-year outlook calls for 14 percent ...
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News briefs
Wolverine Worldwide appoints new lead independent director
Wolverine World Wide, Inc. appointed Nicholas T. “Tom” Long as lead independent director of the company’s board of directors, effective Nov. 4. Long, who has been a member of Wolverine Worldwide’s board of directors since 2011 and currently chairs the compensation committee, succeeds David T. Kollat, who will continue to ...
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ArticleStocks of Brazilian footwear manufacturers outperform in Q3
In the third quarter of 2022, the stock prices of footwear companies and associated sectors monitored by Shoe Intelligence were on average virtually unchanged, falling by less than 3 percent when compared with the previous three months. But, the figure conceals noticeable disparities between the panel’s subsegments. The cohort of ...
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News briefs
NFW Footwear Collective is growing
New Balance and Wolverine Worldwide have joined Natural Fiber Welding’s Footwear Collective, a cooperative platform aiming to reduce the environmental impact of footwear across the value chain. Curect members include Allbirds, Camper, Deckers and Ralph Lauren. Katy O’Brien, senior manager of innovation at New Balance, said: “We have been ...
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News briefs
Saucony to boost its retail presence in Spain
Saucony, a brand of Wolverine Worldwide, is planning to open around 20 shop-in-shops at El Corte Inglés’ department stores across Spain between 2022 and 2023, Modaes has reported. Specifically, between ten and twelve units will open in the fourth quarter of 2022, devoted to its Originals product line. Six or ...
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ArticleWolverine lowers FY forecast
Wolverine Worldwide, concerned about inventory escalation in various U.S. retail channels and the likelihood of higher wholesale order cancellations in the market for the remainder of the year, has lowered its FY22 outlook downward. Lingering supply chain delays and currency exchange rates also contributed to the revision. The adjustment was ...
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ArticleFootwear stocks track global markets lower in Q2
In the second quarter of 2022, footwear stocks declined significantly in line with global markets, which suffered their strongest pullback in decades. In the U.S., the S&P 500 index posted its worst performance in the first half of the year since 1970. Global markets were hit by raising inflation, a ...
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News briefs
Wolverine sells Champion footwear license to HanesBrands
Wolverine Worldwide has announced that its wholly-owned subsidiary Keds, LLC has sold the Champion trademarks for footwear in the U.S. and Canada to HanesBrands Inc for $90 million in cash. As part of the agreement, Wolverine retains a perpetual license to continue using the Champion trademark on certain footwear styles, ...
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News briefs
S&P revises outlook for Wolverine Worldwide
S&P Global has revised its outlook on Wolverine Worldwide to negative but maintains its BB rating on the issuer credit rating. Wolverine ended the first quarter with a debt-to-equity ratio of 5.2x due to last year’s acquisition of Sweaty Betty, a $30 million settlement related to PFAS contamination at a ...
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ArticleWolverine Worldwide hires Boston Consulting for strategic review
Wolverine Worldwide is maintaining its full-year outlook that calls for total FY22 revenues of $2.775 to $2.850 billion. This represents a 15 to 18 percent year-over-year increase with the DTC segment representing approximately 30 percent of global revenues and the international segment another 35 percent. Wolverine’s top three brands, Saucony, ...
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News briefsChaco incorporates sandal webbings made from Repreve fibers
Chaco, a U.S. outdoor lifestyle footwear brand owned by Wolverine Worldwide, is underlining its commitment to sustainability by using sandal fabric tapes made from 100 percent recycled Repreve materials. Chaco is partnering with Unifi, whose Repreve fibers are the result of reusing 31 billion plastic bottles to date, which are ...
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News briefsMerrell launches beta version of shoe advisor app
Verifyt, a product of Boston-based company NetVirta, a developer of smartphone 3D body scanning technologies, is the fit-scanning technology used in the beta version of Merrell’s new Merrell Shoe Advisor mobile app, the industry’s first consumer app designed to ensure an accurate, personalized shoe fitting recommendation. Verifyt is said by ...
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ArticleWolverine posts better-than-expected Q4 results
Wolverine Worldwide narrowed its fourth-quarter losses, boosted by its recent acquisition of Sweaty Betty, the U.K.-based brand of women’s fitness apparel, and it forecast sales growth of 15-18 percent for 2022. The Michigan-based owner of Merrell, Saucony, Sperry, Keds and other brands reported a net loss of $14.6 million for ...
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News briefs
Saucony hires Brian Moore as global product head
Saucony, part of the Wolverine Worldwide group, has appointed footwear industry veteran Brian Moore as senior vice president of global product, effective immediately. In his new role, Moore will be responsible for Saucony’s global brand footwear and apparel strategies, including design, development and product innovation. Moore will report directly to ...
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ArticleSaucony, Sperry underpin Wolverine's Q3 sales
Wolverine Worldwide saw revenues in the third quarter rise by 29.1 percent to $636.7 million compared with the prior year, boosted by incremental revenues of $39.1 million from the recent acquisition of Sweaty Betty, which saw pro forma sales growth of over 50 percent in the quarter, and the strong ...
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