Authentic Brands Group has added another company to its stable — Sperry, the heritage boat shoe brand.
Early Thursday, the New York-based brand development, entertainment and marketing platform said it purchased the label from Wolverine Worldwide. At the same time, it has inked a deal with the Aldo Group to serve as Sperry’s North American operating partner for wholesale, e- commerce and store operations, as well as the brand’s partner for footwear design, production and distribution globally.
Wolverine said in a statement that the transaction closed on January 10, and will generate total proceeds of approximately $130 million in the first quarter to pay down debt.
“We are excited to bring Sperry into the Authentic platform,” said Jamie Salter, chairman and chief executive officer of Authentic. “Sperry’s influence extends far beyond fashion, embodying a lifestyle that celebrates exploration. We look forward to launching Sperry into a new era alongside Aldo Group, an incredible partner and leader in the footwear industry.”
“The sale of the Sperry brand is the next step in our turnaround and strategic transformation,” said Chris Hufnagel, Wolverine’s president and CEO, in a statement. “We conducted a rigorous process that considered a comprehensive set of strategic alternatives for the brand, and we believe this is the best outcome for the company and our vision for the future.”
Sperry, whose history dates back over 90 years, is known for its signature boat shoes. Next week during Paris Fashion Week the brand will unveil its first collection with Chris Echevarria of Blackstock & Weber, who was named creative director for Sperry last fall. The line will be shown on Jan. 17 at Kith’s Paris Fashion Week show before going on sale to the public the following day.
As a result of the acquisition, Authentic said it will leverage its global network of operating partners to grow the Sperry’s product offerings and expand its market share around the world as it converts the business into a licensed model. Particular focus will be placed on the APAC region.
“I’m thrilled to further deepen our partnership with Authentic and to announce that Sperry, an iconic casual brand we’ve long admired, is joining the Aldo Group,” said David Bensadoun, CEO of Aldo Group. “At our core, we are retailers where the direct relationship with the consumer is key. We’re looking forward to adding 23 Sperry stores to the 430 other branded stores we operate in North America, as well as welcoming Sperry’s store employees to our team. Our powerful operational structure for stores, wholesale and e-comm has been built over five decades, and we’re excited to put our deep experience to use right away elevating Sperry.”
Last spring, Wolverine said it was exploring strategic alternatives for the business. The footwear company previously divested Keds and Hush Puppies, among others.
Authentic Brands Group owns more than 50 brands including Reebok, Nautica, Forever 21 and Brooks Brothers, a portfolio that generates more than $29 billion in annual sales.