Sweaty Betty acquired by Wolverine Worldwide
Wolverine Worldwide has acquired the Sweaty Betty fitness and lifestyle brand in a $410 million deal.
Founded in 1998 by Tamara and Simon Hill-Norton, Sweaty Betty is known for its on-trend tops, bottoms, swimwear, outerwear and accessories. With its products distributed around the world, over 80% of the brand’s revenue comes through direct-to-consumer channels.
Wolverine has acquired all the shares of an entity that owns the Sweaty Betty brand from L Catterton and other shareholders.
In a statement, Wolverine said the acquisition fits with its strategic plan as it focuses on growing its digital channels, expanding its international footprint and building a brand portfolio beyond footwear,
Blake Krueger, Wolverine Worldwide’s chairman and chief executive, added: “The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company. It also gives us a leadership position in the growing women’s activewear category. Wolverine Worldwide has a long and successful track record of acquiring and building brands, including performance brands like Sweaty Betty, and we are thrilled to welcome them to our company.”
Sweaty Betty chief executive Julia Straus will continue to lead the brand following the acquisition and will report to Wolverine president Brendan Hoffman.
Tamara and Simon Hill-Norton said: “We founded Sweaty Betty in 1998 with the purpose to empower women through fitness, and today we are delighted to have found the right partner in Wolverine Worldwide, a company that is perfectly positioned to support the acceleration of our mission, We’re so proud to have built an incredible community of active women who inspire us daily and are excited to see this powerful and supportive community grow worldwide.”
