×
3 311
Fashion Jobs
NEW LOOK
Property Compliance & Operations Coordinator
Permanent · WEYMOUTH
HOUSE OF FRASER
Loss Prevention Supervisor - House of Fraser
Permanent · READING
FRASERS
Loss Prevention Supervisor - Frasers
Permanent · DERBY
SOFA.COM
Marketing Manager - Sofa.Com (Maternity Cover)
Permanent · LONDON
BURBERRY
Senior Business Analyst
Permanent · LONDON
TK MAXX
tk Maxx - Loss Prevention Officer - Full Time - Kew Gardens
Permanent · Richmond
VF INTERNATIONAL
Warehouse Team Manager
Permanent · COALVILLE
VF INTERNATIONAL
Warehouse Team Leader
Permanent · COALVILLE
URBN
Free People Assistant Visual Manager - London
Permanent · LONDON
TK MAXX
Tkmaxx Full-Time Loss Prevention Officer-Waltham Abbey
Permanent · London
TK MAXX
tk Maxx - Loss Prevention Officer - Full Time - Loughton
Permanent · London
TK MAXX
Tkmaxx Full-Time Loss Prevention Officer - Hackney
Permanent · London
DR. MARTENS
Financial Analyst, Apac
Permanent · TSIM SHA TSUI
SELFRIDGES
Finance Manager – Domains
Permanent · LONDON
HARVEY NICHOLS
Brand Consultant - Chloe
Permanent · LONDON
SPORTS DIRECT
Loss Prevention Supervisor
Permanent · LONDON
SPORTS DIRECT
Loss Prevention Supervisor
Permanent · ORPINGTON
HUGO BOSS UK LTD.
Sales Executive Boss Menswear
Permanent ·
TK MAXX
Loss Prevention Officer - Permanent - tk Maxx - Milton Keynes
Permanent · Milton Keynes
HOLLISTER CO. STORES
Hollister CO. - Graduate Manager in Training, Stratford (Westfield)
Permanent · London
UNDER ARMOUR
Stock Lead, ft (40 Hours)
Permanent · LONDON
SELFRIDGES
Finance Analyst- Domain
Permanent · LONDON
Ads
Published
Dec 9, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Wolverine to divest Keds, leathers business; reveals layoffs

Published
Dec 9, 2022

Wolverine Worldwide announced on Thursday plans to divest or license its Keds brand and leathers business, citing the pair as "low-profit contributors," as the firm looks to streamline and "prioritize growth brands."


The Rockford, Michigan-based company said it had started aworkforce reduction earlier this week, which it expects to result in approximately$30 millionin savings in 2023. I failed to specify how many workers would be laid off - Keds


In relation to the divesting, the Rockford, Michigan-based company said it had started a workforce reduction earlier this week, which it expects to result in approximately $30 million in savings in 2023. I failed to specify how many workers would be laid off.

Including the impact from the workforce reduction noted above, Wolverine said it expects to realize total savings of approximately $45 million in 2023, "from organizational synergies and other indirect cost areas."

In addition, the global footwear and apparel company plans to build on the supply chain cost initiatives started earlier this year and expects to realize approximately $20 million of savings in 2023.

“We believe the recent changes to our group reporting structure and the announcement of strategic alternatives for Keds and Wolverine leathers, as part of our regular assessment of the portfolio, will put the business on an accelerated path to improved profitability and restore Wolverine as a best-in-class brand house,” said Brendan Hoffman, Wolverine Worldwide’s president and chief executive officer.

“In this rapidly evolving retail environment, agility is more important than ever. As such, I firmly believe that portfolio simplification and prioritization are essential to achieving our goals."

In its most recent trading update last month, Wolverine said sales for the third quarter rose close to 9%, on the back of surging growth in U.S. group's international market.

Coinciding with the earnings update, Wolverine said it is reorganizing its brand group structure into 'Active' (Merrell, Saucony, Sweaty Betty, and Chaco footwear); 'Work' (Wolverine, Cat, Bates, Harley-Davidson, HyTest); and 'Lifestyle' groups (Sperry, Keds, and Hush Puppies).

The company said at the time it hopes to better leverage common product and consumer categories and align with the company's view of its global portfolio.

Copyright © 2023 FashionNetwork.com All rights reserved.