WOLVERINE WORLDWIDE reconfigures business
In late August, the company announced an agreement to sell HUSH PUPPIES to Beijing Jiaman Dress Co., Ltd., the current sublicensee operating in Hong Kong, China, and Macau. The transaction is estimated at around US$ 58.8 million and includes patents, trademarks, domains, and copyrights. Operations in the rest of the world will continue to be managed by WOLVERINE WORLDWIDE.
On the other hand, NEW BALANCE is the new owner of Wolverine Leathers in the United States. The business involves the transfer of tannery contracts, valued at around US$ 6 million, according to the company.
The Chief Financial Officer and Executive Vice President of the company, Mike Stornant, stated: “These transactions are the latest actions in our ongoing effort to reshape our portfolio and target our most meaningful opportunities”.