New Balance Acquires Wolverine Worldwide’s US Leather Division — Retail Bum

Wolverine Worldwide has announced the sale of its U.S. Wolverine Leathers division to New Balance in a deal valued at approximately $6 million.

In an official announcement, Wolverine Worldwide highlighted New Balance’s long-standing loyalty as a customer and confirmed the transfer of all of Wolverine’s U.S. tannery agreements to New Balance.

Additionally, the company intends to “explore alternatives” for its non-U.S. leather business. In December 2022, Wolverine Worldwide announced its plans to license or divest the Wolverine Leathers and Keds businesses. Subsequently, in February 2023, the company successfully sold Keds to Designer Brands.

Wolverine Worldwide is now also actively divesting its Hush Puppies intellectual property in China, Hong Kong, and Macau.

Wolverine Worldwide is set to transfer all Hush Puppies trademarks, patents, copyrights, and domains in those specified regions to its existing sublicensee, Beijing Jiaman Dress Co., Ltd., in a deal valued at around $58.8 million, as outlined in the statement. Under this agreement, both companies will collaborate on “engagement and brand stewardship of the Hush Puppies brand in the region” for the Hush Puppies brand within the designated region. Importantly, Wolverine Worldwide will…