Wolverine Worldwide has announced Sweaty Betty will now report to its London-based International Group, which is responsible for operations outside the U.S. Previously, Sweaty Betty was aligned with Wolverine’s Active Group but reported to Wolverine Worldwide president and CEO Brendan Hoffman. Sweaty Betty will now report to Isabel Soriano, president of the International Group. Also announced were several additional strategies to align Sweaty Betty’s cost structure. These include consolidating London office space and proposing a U.K. workforce reduction. The expected impact of these actions is reflected in the company’s 2023 guidance.
“Bringing Sweaty Betty under Isabel Soriano and the International Group fits perfectly with our strategy to prioritize resources and support to the brands with the biggest global growth opportunities,” said Hoffman. “Our regional teams have deep commercial experience in key international markets and are well-positioned to bring their sourcing, logistics, technology, and operational expertise to help accelerate Sweaty Betty’s growth.”
As announced in mid-March of this year, Sweaty Betty CEO Julia Straus and COO Mark Smith are set to leave the company in the summer of 2023.
The sportswear retailer was bought by the American marketer of branded footwear, Wolverine Worldwide, for around $410 million in August 2021. In October 2022, Sweaty Betty announced its turnover rose by 45 percent in 2021 compared to 2020, with revenues for the full year reaching £183.2 million (€212.3 million). However, in Wolverine Worldwide’s Q4 reporting, Sweaty Betty’s revenues fell by 7 percent.
