The maker of Wolverine boots and Keds sneakers is diving deeper into apparel with the acquisition of women’s activewear brand Sweaty Betty for about $410 million in cash, according to the company.
Wolverine Worldwide Inc., which is best known for selling shoes since it was founded in 1883, is making the leap into athletic wear as growth surges in the category, along with competition. Brands including J.Crew Group Inc. and Tory Burch LLC now sell their own activewear lines and department stores such as Nordstrom Inc. and Kohl’s Corp. have been devoting more space to the stretchy, performance apparel.
“My mission has always been to empower women through fitness and beyond,” wrote Sweaty Betty’s co-founder, Tamara Hill-Norton, on the company’s website. Ms. Hill-Norton and her husband, Simon Hill-Norton, are no longer formally involved with the company, according to Wolverine. Wolverine is buying the brand from shareholders that include L Catterton, a private-equity firm co-owned by Bernard Arnault, the CEO of LVMH Moët Hennessy Louis Vuitton SE.
How about about my (10 minute) long established brand Perspirant Pete ? Am willing to let get of for paltry sum of $200m
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