The transactions will generate more than $90 million in cash and further Wolverine's turnaround efforts.
“Selling Keds and licensing the Hush Puppies brand for the United States and Canada is an important step as we continue to advance our strategy to simplify the portfolio and direct resources to our growth brands,” Hoffman said. “We are confident this will place Wolverine on an accelerated path to improved profitability and long-term shareholder value creation.
The transaction includes all Keds’ products, including Pro-Keds, as well as the brand’s e-commerce business. The deal expands Designer Brands’ Owned Brands portfolio into casual and athleisure footwear in the direct-to-consumer and wholesale channels, supplementing the recent additions of Le Tigre and Topo Athletic. The acquisition also marks Designer Brands’ first Owned Brand wholesale business within the kids footwear segment.
In its statement on the transaction, DSW characterized Keds as an iconic brand for women, men and kids “with a legacy of being versatile, comfortable and fashionable. From a place in the wardrobes of Marilyn Monroe and Audrey Hepburn, to a central role in the 1980s classic movie, ‘Dirty Dancing,’ Keds has been at the center of cultural conversation for decades.”
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