Wolverine World Wide Near Grand Rapids Seeks $215M in Annualized Savings

Wolverine World Wide Inc. in Rockford, just north of Grand Rapids, has announced it has identified initiatives that are expected to deliver $215 million in annualized savings, including a global workforce restructuring.
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Wolverine World Wide says it has identified initiatives that are expected to deliver $215 million in annualized savings, including a global workforce restructuring. // Photo courtesy of Wolverine World Wide

Wolverine World Wide Inc. in Rockford, just north of Grand Rapids, has announced it has identified initiatives that are expected to deliver $215 million in annualized savings, including a global workforce restructuring.

Founded in 1883, Wolverine World Wide is one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children’s, and uniform footwear and apparel.

“We are moving with speed and urgency to transform the company, which will enable us to capitalize on our biggest growth opportunities,” says Chris Hufnagel, president and CEO of Wolverine World Wide.

“We are taking decisive steps to stabilize the business by divesting non-core assets, paying down debt, reducing inventory, and right sizing our cost structure. At the same time, we are redesigning the organization to become great global brand builders.”

To help stabilize the business, enhance financial performance, and provide future investment capacity for Wolverine World Wide’s strategic growth brands, the company has accelerated and expanded its transformation effort and the work of the Profit Improvement Office.

“We are committed to taking the necessary actions to best position the Company for future profitable growth,” says Hufnagel. “Decisions like these that affect our team are difficult, and we are committed to supporting each team member through this transition.”

Key changes made by the company in connection with redesigning the organization include:

  • The Collective” – a new strategic center of excellence that includes a reimagined innovation, insights, and trends team; an internal creative and public relations team; and an in-house creative production studio.
  • Global Licensing – a new global licensing function to unlock the portfolio’s full commercial opportunity around the world. This team will oversee and manage all the Company’s licensed businesses, including Hush Puppies and Stride Rite, along with apparel and accessories programs.
  • Integrated Planning – a new global planning function designed to meaningfully improve integrated demand, inventory, and supply chain management, while enhancing the Company’s ability to respond to shifts in consumer and market dynamics.
  • Product Lifecycle Management & Digital Product Design – a new set of advanced digital product management, design, and development tools which will further enhance the Company’s product capabilities and efficiencies.
  • North American Commercial Structure – a consolidated North American commercial structure, aligning the Company’s Canadian operations with those in the United States to drive efficiency and alignment.

The actions follow the company’s recent sale of Keds, the Hush Puppies intellectual property in China, Hong Kong, and Macau, the sale of its North American Wolverine Leathers business, and the company’s announcement it is pursuing strategic alternatives for the Sperry brand.

Wolverine World Wide’s portfolio of brands includes Merrell®, Saucony®, Sperry®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®.

Wolverine Worldwide is also the global footwear licensee of Cat® and Harley-Davidson®. The company’s products are carried by retailers in the U.S. and globally in approximately 170 countries and territories.

For more information, visit wolverineworldwide.com.