Wolverine World Wide Acquires Activewear Brand Sweaty Betty

As part of a strategic way to enhance the company’s DTC strategy, footwear retailer Wolverine World Wide announced on Tuesday that it acquired fitness brand Sweaty Betty. Wolverine acquired all the shares of Lady of Leisure InvestCo Limited, the parent company to Sweaty Betty, from private equity company L Catterton and other shareholders for around $410 million. The deal, which was funded by cash and Wolverine’s revolving line of credit, closed on Aug. 2. Sweaty Betty’s CEO, Julia Straus, will continue to lead the brand and will report to Wolverine World Wide President Brendan Hoffman. Read more at Retail Dive.