Wolverine World Wide Inc. bought British fitness and lifestyle brand Sweaty Betty for $410 million to expand its business into the fast-growing activewear sector.
The U.S. footwear and lifestyle group closed the all-cash deal on Monday after L Catterton, a private-equity firm co-owned by Bernard Arnault, the CEO of LVMH Moët Hennessy Louis Vuitton SE, and other shareholders agreed to the transaction, the company said in a statement.
Founded in 1998 by Tamara and Simon Hill-Norton, Sweaty Betty, a U.K. version of the popular U.S. brand LuluLemon, has built a loyal customer base for its premium exercise outfits and “athleisure” casual wear made out of high-quality materials. Like rivals, Sweaty Betty emerged a winner from pandemic lockdowns as people forced to stay at home for long periods turned to exercise, home workouts, and online shopping.
Source: Bloomberg
By Grace Gitau
