Sweaty Betty, a British fashion shop known for women’s sportswear, has been sold to renowned American footwear manufacturer Wolverine Worldwide for US $ 410 million.
Wolverine’s acquisition of the womenswear brand is viewed as part of the company’s desire to expand into new categories and territories.
Wolverine has completed the acquisition of UK-based apparel retailer Sweaty Betty. The deal was funded by cash and a revolving line of credit. Wolverine, reportedly, believes that the acquisition will immediately add to former’s earnings and therefore has increased its annual revenue forecast to a range of US $ 2.44 billion to US $2.5 billion. Julia Strauss, CEO, Sweatty Betty will stay in her role and will report to Brendan Hoffman, President, Wolverine.
