Wolverine World Wide trades Sperry to Authentic Brands Group

Wolverine World Wide sold Sperry to Authentic Brands Group

Footwear and apparel company Wolverine World Wide made their sale of Sperry to the brand management firm Authentic Brands Group public. Sperry is infamously known for its boat shoes and loafers. Wolverine World Wide took this decision because it wanted to invest its interest and money in more profitable businesses. The Aldo Group, a Canadian retailer, was looked at as the brand’s North American operating companion. Authentic went on record to say that The Aldo Group is expected to take over the wholesale, e-commerce, and store operations departments. It is also expected to work with Wolverine in accordance with footwear designs, production, and global distribution. It has already been working on similar divisions with brands like Roxy and Brooks Brothers.

This partnership is expected to raise about 130 million dollars, Wolverine mentioned. It had acquired Sperry at first, which is a 90-year-old brand. This partnership took place in 2012 with Payless ShoeSource, whose owner was Collective Brands, in a 1.23 billion-dollar deal. It also had Saucony, Stride Rite, and Keds in the package. Wolverine’s then-CEO, Brendan Hoffman, mentioned on a call with certain analysts in the month of May that came after the company reported fiscal first-quarter endings that Sperry was going to be continued as a regular investment.