“These transactions are the latest actions in our ongoing effort to reshape our portfolio and target our most meaningful opportunities,” said Mike Stornant, executive vice president and chief financial officer of Wolverine Worldwide. “We continue to streamline our organisation and become more efficient so that we can direct greater resources into our growth brands, pay down debt, and enhance long-term shareholder value.”

Wolverine Worldwide has entered into a definitive agreement to sell the Hush Puppies trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd., for approximately $58.8m.

The two companies have entered into a license and cooperation agreement providing for mutual engagement and brand stewardship of the Hush Puppies brand in the region. Wolverine will continue to own and operate the Hush Puppies brand throughout the rest of the world. 

“Our strategic approach in China, Hong Kong and Macau is to focus on our biggest brands, and selling the Hush Puppies intellectual property in these countries is a part of this strategy,” said Chris Hufnagel, president and CEO of Wolverine Worldwide. “Hush Puppies remains an important brand in our portfolio, and we are committed to growing it through strong global licensing partnerships and expanding our connections with local consumers. We look forward to partnering with Beijing Jiaman Dress and to ensuring the global success of Hush Puppies.”

The company also completed the sale of its US Wolverine Leathers business to New Balance for approximately $6m in total proceeds. It continues to explore alternatives for the non-US Wolverine Leathers business.

Earlier this year Wolverine Worldwide announced it was weighing options for Sperry in a portfolio optimisation. The company was also looking at investing in its core growth brands, Merrell, Saucony, and Sweaty Betty.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Prior to this, it divested its brands Keds and Wolverine Leathers in a move that it said would contribute to $65m in cost savings by 2025.