In a major transaction that will reshape the footwear landscape, Wolverine Worldwide has announced the sale of its Sperry brand to Authentic Brands Group (ABG), a global brand management company known for its portfolio of iconic lifestyle, entertainment, and sports brands. The deal underscores ABG’s ongoing strategy of acquiring and revitalizing legacy brands with significant growth potential..
Sperry, with its rich 88-year history, is a leading footwear brand renowned for its iconic boat shoes and synonymous with the American sportswear aesthetic. The brand has a loyal customer base and a robust global presence. ABG’s acquisition of Sperry signals a significant step in the company’s expansion plans, as it seeks to further diversify its portfolio and strengthen its position in the footwear sector..
The transaction, valued at approximately $2.3 billion, is expected to close in the second quarter of 2023, subject to customary closing conditions and regulatory approvals. Upon completion, Sperry will join ABG’s impressive roster of brands, which includes iconic names such as Reebok, Juicy Couture, and Forever 21..
Sperry’s inclusion in ABG’s portfolio aligns with the company’s strategy of acquiring brands with strong heritage and a dedicated customer base. ABG’s expertise in brand rejuvenation and its extensive global distribution network are poised to drive Sperry’s continued growth and expansion..
Brendan Sullivan, President of Wolverine Worldwide, expressed confidence in ABG’s stewardship of the Sperry brand, stating, .
