Wolverine World Wide is executing a strategic portfolio shift, announcing plans to divest the intellectual property of Hush Puppies in China, Hong Kong, and Macau. The Michigan-based company is set to sell the Hush Puppies trademarks, patents, copyrights, and domains in these regions to its current sublicensee, Beijing Jiaman Dress Co., for approximately $58.8 million. This strategic move aligns with Wolverine’s vision of focusing on its key brands in China, Hong Kong, and Macau, while retaining ownership of the Hush Puppies brand across the rest of the world. The transaction is slated for completion in the coming weeks, pending customary closing conditions.
Furthermore, Wolverine has successfully concluded the sale of its U.S. Wolverine leathers business to New Balance, yielding total proceeds of approximately $6 million. The company has transferred Wolverine’s U.S. tannery contracts to New Balance and is actively exploring options for the non-U.S. Wolverine leathers business. These strategic actions represent a pivotal part of Wolverine’s ongoing strategy to reshape its portfolio, concentrate resources on high-potential brands, reduce debt, and enhance long-term value for its shareholders.
Chris Hufnagel, President and CEO of Wolverine Worldwide, affirmed the commitment to drive growth for the Hush Puppies brand through robust global licensing partnerships and the expansion of local consumer connections. These strategic maneuvers follow Wolverine’s recent sale of Keds to Designer Brands and the initiation of a strategic alternatives process for the Sperry brand in May.
