Boost for Wolverine ecommerce revenue
One of the company’s key global strategic growth initiatives was to develop the Merrell brand in Europe.
US-based footwear manufacturer Wolverine Worldwide (WWW) has announced a 50 per cent growth in direct-to-consumer e-commerce revenue during the 2020 financial year.
According to the company’s chairman and chief executive Blake Krueger, WWW’s results for the fourth quarter were better than expected and are expected to drive an accelerated recovery over the coming year to 18 months. He added: “Our owned eCommerce revenue grew 50 per cent in 2020, and we have planned further investment in this area to enable growth of 40 per cent in 2021, significantly outpacing broader industry expectations.”
Although in the last quarter of the 2020 fiscal period the company’s reported revenue of $509.6 million (£371 million) resulted in a 16.1 per cent decrease year-on-year, revenue from its eCommerce strategy is said to have grown by 31.7 per cent compared to the same quarter in 2019. Within its annual report, WWW also announced the advancement of its key global strategic growth initiatives, which included a focus on developing the Merrell and Saucony brands in Europe and boosting the company’s joint venture in China in order to take advantage of what it refers to as ‘the sizeable opportunity that exists in this important market’.
Founded in 1883, WWW’s portfolio includes Bates, Chaco, Hush Puppies, HYTEST, Keds, Merrell, Saucony, Sperry, Stride Rite and Wolverine. The company is also the global footwear licensee of the Cat and Harley-Davidson brands.
This article was originally published on page 3 of the May 2021 issue of SATRA Bulletin.