Wolverine Worldwide is continuing to transform its brand portfolio with two more divestitures.
The Michigan-based footwear business said that it had sold the Hush Puppies brand’s intellectual property in China, Hong Kong, and Macau. Additionally, the company stated that the sale of its American Wolverine Leathers division had been finalised.
Wolverine recently sold the Hush Puppies trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd. The two parties have signed a licence and cooperation agreement worth $58.8 million that outlines mutual involvement and brand care for the Hush Puppies brand in the area.
In the rest of the world, Hush Puppies will continue to be owned and run by Wolverine, according to the company.
The transaction, according to Chris Hufnagel, the company’s newly appointed president and CEO of Wolverine Worldwide, reflects the company’s “strategic approach” in China, Hong Kong, and Macau to concentrate on Wolverine’s most well-known brands.
Separately, the company disclosed that it has successfully sold its US Wolverine Leathers division to its steadfast client New Balance for a total of about $6 million. As part of the agreement, the business transferred to New Balance Wolverine’s US tannery contracts while continuing to look for alternatives for the Wolverine Leathers business outside of the United States.
Mike Stornant, EVP and CFO of Wolverine Worldwide, added in a statement that these transactions are the latest actions in the company’s ongoing effort to reshape its portfolio and target its “most meaningful” opportunities.
