Keds
American Wolverine Worldwide will sell Keds and Wolverine Leather
US footwear maker Wolverine Worldwide is about to sell or license its brands Keds and Wolverine Leather due to their low profitability, thus the company stimulates growth and expects further increase in shareholder value, writes Worldfootwear.com.
“In a rapidly evolving retail environment, flexibility is more important than ever. As such, I strongly believe that portfolio simplification and prioritization is essential to achieve our goals,” commented Wolverine Worldwide President and CEO Brendan Hoffman,
The Michigan-based company also announced that it had already "begun downsizing," although the exact number of employees was not disclosed. This measure will save Wolverine about $30 million next year. Although the decision itself, according to Hoffman, was not easy. Including employee layoffs and reorganization of the brand portfolio, the company could achieve savings of $45 million in 2023.
Wolverine Worldwide is also working to reduce costs by optimizing the supply chain process, which the company began working on this already this year to achieve savings in 2023 of about $20 million.
Wolverine Worldwide recently reorganized its brand portfolio into three groups, Active, Work and Lifestyle. The brands currently owned by the company include Hush Puppies, Merrel, Saucony, Sperry and Sweaty Betty.
The American shoe manufacturer Wolverine Worldwide is going to sell or license its brands - Keds and Wolverine Leather, due to their low profitability, thus the company ...
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