“As an organization, we have always been active portfolio managers, with a sharp focus on our highest-value opportunities. 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,” Blake Krueger, chairman, CEO and president of Wolverine, said in a statement. “We believe the decision to divest Sebago will allow us to focus on accelerating our most important opportunities while enhancing shareholder value.”
The company stated Sebago’s sale is part of its new strategy to capitalize on what it refers to as the “new normal,” or a fast-evolving consumer and global marketplace. Krueger discussed Wolverine’s “new normal” at the FN CEO Summit in May.
“Focus on the core brands with strong profitability and growth potential,” Krueger said at the summit. “We are going to rewire the company. We are starting from scratch and looking at everything we do.”
The strategy, according to Wolverine, focuses on four factors: growth and innovation, operational excellence, portfolio management, and people and teams.