Sweaty Betty acquired by US firm Wolverine in $410m deal

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Sweaty Betty has been purchased by US footwear manufacturer Wolverine Worldwide and will join the company’s portfolio of footwear and lifestyle brands, including Hush Puppies and Keds.

Wolverine Worldwide agreed the all-cash deal to acquire Sweaty Betty for $410m (£295m) from private equity firm L Catterton and other shareholders on August 2.

Sweaty Betty was founded in London in 1998 and provides a wide range of fitness products for women. The brand, which has benefited from the ongoing athleisure trend, has over 60 stores worldwide. The brand also has concessions in Nordstrom in the US.

Currently, 80% of Sweaty Betty’s earnings come from direct-to-consumer channels, a position that Wolverine Worldwide hopes will enhance its growing ecommerce business.

Wolverine chief executive officer Blake W. Krueger said: “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.”

Sweaty Betty chief executive Julia Straus will now report to the company’s president, Brendan Hoffman.

Hoffman said: “Sweaty Betty’s expertise and focus on apparel, female consumers and best-in-class digital execution has proven to be a winning combination. We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio.”

Straus added: “From the moment I met the team at Wolverine Worldwide, I knew they were the right partner to support us in the next chapter of Sweaty Betty.

“Their portfolio of purpose-driven heritage brands, knowledge and expertise in building performance brands, robust international distribution and supply chain expertise provides a strong platform to expand Sweaty Betty and further our mission to empower more women through fitness all over the world.”