Wolverine World Wide, Inc. has announced further steps in its brand portfolio transformation, including the sale of the Hush Puppies intellectual property in China, Hong Kong, and Macau, as well as the sale of its U.S. Wolverine Leathers business. The sale of the Hush Puppies trademarks, patents, copyrights, and domains in China, Hong Kong, and Macau to current sublicensee Beijing Jiaman Dress Co., Ltd. is expected to close in the coming weeks for approximately $58.8 million. Wolverine will retain ownership of the Hush Puppies brand worldwide. Additionally, the U.S. Wolverine Leathers business has been sold to New Balance for around $6 million. Wolverine is also exploring alternatives for its non-U.S. Wolverine Leathers business. These transactions are part of the company’s ongoing effort to streamline its organization, focus on its biggest brands, and enhance long-term shareholder value.
