US: Wolverine Worldwide reorganises for global growth
Footwear maker Wolverine Worldwide has today (8 January) outlined a number of organisational changes designed to help drive global growth following its acquisition of Collective Brands' Performance & Lifestyle Group last year.
As part of the changes, the company will migrate from four to three brand operating groups: The Heritage Group, The Lifestyle Group and The Performance Group.
The Heritage Group will comprise the Wolverine, Caterpillar Footwear, Bates, Sebago, Harley-Davidson Footwear, and HyTest brands, led by company president Ted Gedra.
The Lifestyle Group will include the Sperry Top-Sider, Stride Rite Children's Group, Hush Puppies, Keds, and Soft Style brands, led by Mark Neal.
And the Performance Group will comprise the Merrell, Saucony, Chaco, Patagonia Footwear, and Cushe brands, led by Jim Zwiers.
Wolverine said the changes will maximise brand synergies and leverage global growth opportunities.
"The acquisition of the Performance & Lifestyle Group has been transformational for our company and has created many new opportunities for global growth, brand building, and operational excellence," said Blake Krueger, chairman and CEO of Wolverine.
"Today, we are taking important steps to better align the team and realise our vision of having the best brands, products, operating platform, and consumer experiences in the industry."
In addition, Gregg Ribatt, former CEO and president of the Performance & Lifestyle Group, will be leaving the company to pursue other opportunities outside the industry.
Footwear business Wolverine Worldwide recorded a slight fall in first quarter profit, but saw revenues double thanks to a full quarter's contribution from newly acquired brands....
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