Wolverine World Wide sells Keds brand
The Keds brand was founded in 1916.
Image © Kvkirillov | Dreamstime.com
Wolverine World Wide has sold the Keds brand to Designer Brands (DBI), the parent company of footwear retailer Designer Shoe Warehouse (DSW). In addition, Wolverine has announced that it intends to grant an exclusive license to DBI for Hush Puppies footwear in the United States and Canada, where DSW has been the exclusive retail partner for Hush Puppies since last year.
“Selling Keds and licensing the Hush Puppies brand for the United States and Canada is an important step as we continue to advance our strategy to simplify the portfolio and direct resources to our growth brands,” said Brendan Hoffman, Wolverine World Wide’s president and chief executive officer. “We are confident this will place Wolverine on an accelerated path to improved profitability and long-term shareholder value creation,”
According to Mr Hoffman, these combined transactions will generate total cash of over USD 90 million, with the proceeds being used to strengthen the company’s capital structure.
Founded in 1883 and now headquartered in Michigan, Wolverine World Wide’s portfolio includes Bates, Chaco, Hush Puppies, HYTEST, Merrell, Saucony, Sperry, Stride Rite, Sweaty Betty and Wolverine. The company is also the global footwear licensee of the Cat and Harley-Davidson brands.
This article was originally published on page 2 of the March 2023 issue of SATRA Bulletin.