Wolverine World Wide

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Wolverine Worldwide
Public
Traded as NYSEWWW
S&P 600 Component
Industry Textile
Founded 1883
Founder G. A. Krause and Fredrick Hirth
Headquarters Rockford, Michigan, U.S.
Key people
Blake Krueger, CEO
Products Footwear
Number of employees
3,700
Subsidiaries
Website wolverineworldwide.com

Wolverine World Wide, Inc. or Wolverine Worldwide is an American footwear manufacturer based in Rockford, Michigan, known for its own brand, Wolverine Boots and Shoes, as well as its subsidiaries such as Hush Puppies and Merrell. The company also manufactures footwear for other companies, such as Caterpillar and Harley-Davidson, as well as shoes and boots for the military. In 2012, Wolverine World Wide added Saucony, Keds, Stride Rite and Sperry Top-Sider to its list of subsidiaries after a joint agreement with Blum Capital Partners and Golden Gate Capital acquired the Performance Lifestyle Group of Collective Brands for US$1.23 billion.[1]

History

Founding and early years (1883 to 1959)

G. A. Krause and Fredrick Hirth founded the company in 1883.[2] Fredrick Hirth and Mr. Krause bought a small leather shop in Grand Rapids, Michigan starting with a capital investment of $2,900. In 1901, they decided to build a plant in Rockford Michigan, just north of Grand Rapids. They purchased and expanded the Rogue River Electric Light and Power Company to power their new plant and the city of Rockford. In 1903, operations began and in 1908, a tannery followed. The company now processed its own raw materials, and manufactured its own shoes sold through the Hirth-Krause Company. In 1921, the company changed its name to Wolverine Shoe and Tanning Corporation.From 1916-1923, its earnings increased 700%.[3] [Wolverine World Wide booklet 11/1/1983 "A Tradition of Success"]

In 1941, during World War II, the Wolverine Shoe and Tanning Company began to work for the U.S. Navy, developing pigskin gloves and inventing what later became known as pigskin suede.

Name change & expansion (1960 to 1989)

In 1964, the company changed its name to Wolverine Worldwide, Inc. and in 1965 became a publicly traded company listed on the New York Stock Exchange.[3] Hush Puppies, a casual footwear brand founded by the company, quickly rose to popularity in the 1960s.[3]

Growth & Acquisitions (1990s and 2000s)

Caterpillar-branded work boots manufactured by Wolverine World Wide

In 1994, Wolverine Worldwide introduced Cat Footwear, a licensed brand of shoes using the Caterpillar Inc. name.[3] In 1995, the Council of Fashion Designers of America voted Hush Puppies as Fashion Accessory of the Year. In 1997, the company continued expanding by purchasing the Merrell brand, acquiring the global license for footwear from the Harley-Davidson Motor Company, followed with the purchase of Sebago in 2003, Chaco in 2009, and the UK-based brand Cushe.[4]

Present day

The company has offices in Waltham, Massachusetts; Rockford, Michigan; London; Hong Kong; and Ontario.

Wolverine Worldwide portfolio of owned and licensed brands include Chaco, Hush Puppies, Merrell, Sebago, Wolverine, Keds, Sperry Top-Sider, Stride Rite, and Saucony.[3]

According to the company's 2016 annual report, "The Company sources a majority of its footwear from numerous third-party manufacturers in the Asia Pacific region."[5]

As of 2016, the company operated 294 retail stores globally.[2]

References

  1. ^ Boccaccio, Katherine (October 9, 2012). "Wolverine Worldwide to complete Stride Rite, Keds acquisition". Chain Store Age. Retrieved 2017-08-10. 
  2. ^ a b "Company Overview of Wolverine World Wide, Inc". Bloomberg L.P. Retrieved March 28, 2017. 
  3. ^ a b c d e "History". Wolverine World Wide. Retrieved 2017-08-10. 
  4. ^ Boomgaard, Joe (October 13, 2010). "JUGGLING ACT: Wolverine World Wide prepares to integrate one of the largest ever acquisitions in the footwear industry". MiBiz. Retrieved 2017-08-10. 
  5. ^ "2016 Annual Report with Form 10‑K" (PDF). Wolverine Worldwide. February 28, 2017. Retrieved February 20, 2018. 
  • Wolverine World Wide booklet "A Tradition of Success" 11/1/1983

External links

  • Official website
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