Wolverine Worldwide sells Sebago brand to BasicNet

Wolverine Worldwide has announced sale of its Sebago brand to BasicNet, S.p.A., an Italian corporation having a portfolio of brands including Kappa, Robe di Kappa, K-way, Superga and others.

"We have recently completed a strategic review of our existing portfolio and have been exploring a variety of alternatives for some of our smaller brands and businesses," said Blake Krueger, the company’s Chairman, CEO and President in a statement, adding, "We believe the decision to divest Sebago will allow us to focus on accelerating our most important opportunities while enhancing shareholder value."

The company said that it continues to make significant progress toward its ‘Wolverine Way Forward’ strategic transformation, and the sale of the Sebago business is part of the company's ongoing effort to optimize the organization.

Wolverine Worldwide’s brand portfolio includes: Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Chaco, Bates, Hytest, and Soft Style. The company also is the global footwear licensee of popular brands including Cat and Harley-Davidson and its products are stocked by leading retailers in the US and globally in approximately 200 countries and territories.

Picture:Sebago website