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Authentic Brands Group acquires Sperry

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Jan 11, 2024
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Illustration: Tiffany Herring/Axios

Authentic Brands Group has acquired footwear conglomerate Sperry from Wolverine Worldwide for about $130 million.

Why it matters: This is part of a larger movement by companies to pare down assets that don't fit into their core, or high-growth businesses.

Meanwhile, Authentic is also tying up with Aldo Group, which will serve as Sperry's North American operating partner for wholesale, e-commerce and store operations.

  • It will also support its footwear design, production and global distribution.

Details: The proceeds from the transaction, which closed Wednesday, will be used to pay down debt, Wolverine said in a statement.

  • Sperry will join Authentic's more than 50 brands including Reebok, Nautica, Forever 21 and Brooks Brothers.

Zoom in: Wolverine Worldwide has been overhauling its portfolio in the past year, selling brands such as Keds, its leather business, and the intellectual property for Hush Puppies in China.

  • Wolverine will focus on key brands Merrell, Saucony and Sweaty Betty, CEO Christopher Hufnagel said at the ICR Conference in Orlando this week.

Of note: Authentic CEO Jamie Salter told attendees at the ICR Conference that it could go public within the next 18 months.

  • That, or get scooped up by Disney or Amazon.
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