About Wolverine World Wide

Wolverine World Wide, Inc. is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The company's products are marketed worldwide in approximately 170 countries and territories through owned operations in the United States (U.S.), Canada, the United Kingdom (U.K.) and certain countries in continental Europe and the Asia Pacific. In other regions (Latin America, portions of Europe and the Asia Pacific, the Middle East and Africa), the company relies on a network of third-party distributors, licensees and joint ventures. The company sources and markets a broad range of footwear and apparel styles, including shoes, boots and sandals under many recognizable brand names, including Bates, Cat, Chaco, Harley-Davidson, Hush Puppies, HYTEST, Merrell, Saucony, Sweaty Betty and Wolverine. The company licenses its Stride Rite brand under a global license arrangement. The company also markets Merrell and Wolverine brand apparel and accessories and licenses some of its brands for use on non-footwear products, including eyewear, watches, socks, handbags and plush toys; Wolverine eyewear and gloves; and Saucony apparel. Cat is a registered trademark of Caterpillar Inc. and Harley-Davidson is a registered trademark of H-D U.S.A., LLC. The company's products generally feature contemporary styling with proprietary technologies designed to provide maximum comfort and performance. Segments The company operates through Active Group and Work Group segments. The company also reports Other category. Active Group consists of Merrell footwear and apparel, Saucony footwear and apparel, Sweaty Betty activewear, and Chaco footwear. Work Group consists of Wolverine footwear and apparel, Cat footwear, Bates uniform footwear, Harley-Davidson footwear and HYTEST safety footwear. Kids' footwear offerings from Saucony, Merrell, and Cat are included with the applicable brand. The Other category consists of its sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail stores and the Stride Rite licensed business. The segments are engaged in designing, manufacturing, sourcing, marketing, licensing and distributing branded footwear, apparel and accessories. Revenue for the reportable segments includes revenue from the sale of branded footwear, apparel and accessories to third-party customers; revenue from third-party distributors, licensees and joint ventures; and revenue from the company's direct-to-consumer businesses. The company's segments and related brands are described in more detail below. Active Group Merrell: With a persistent focus on innovation, thoughtful design and rigorous testing, Merrell has become a global leader in hiking footwear, with a rapidly growing following in trail running and lifestyle. All of this is fueled by a desire to build a world where everyone can safely enjoy the benefits of being outdoors. Merrell can be found across the globe, on Merrell.com, in key outdoor and sporting goods retail stores and in Company owned Merrell stores. Saucony: Saucony is a leading purpose-driven performance running lifestyle brand. Saucony targets both elite and casual runners through design, innovation and performance technology. The brand focuses on meeting the functional biomechanical needs of runners while delivering on their emotional style needs as well. Widely recognized for award-winning technologies, Saucony innovations include PWRRUN PB, a beaded superfoam that delivers high-performance energy return; PWRRUN+ a cushioning foam for a plush ride; SPEEDROLL Technology, a blend of premium foam and forward geometry to promote a faster transition; and PWRTRAC, a trail-specific outsole rubber. Saucony offers five categories of performance footwear products; Competition, Road, Trail, Train and Walking; as well as the Originals lifestyle footwear inspired by Saucony products of the 1970's to 2000's. Saucony also offers a complete line of performance running apparel and select lifestyle apparel pieces. Through Saucony Run For Good brand platform and charitable foundation, Saucony is strengthening connections with consumers and elevating the positioning of the brand. The brand's products are distributed primarily through leading run specialty and sporting goods retailers, as well as in Company-owned Saucony retail stores and an eCommerce site. Sweaty Betty: Sweaty Betty is a global women's activewear and lifestyle brand that has been on a mission to empower women through fitness. Famous for its bum-sculpting leggings and innovative designs, Sweaty Betty fuses performance and style with technical, high-performance fabrics and responsibly sourced materials. The brand services its loyal, fast-growing community worldwide through SweatyBetty.com, complemented by retail locations across the United Kingdom, Europe and Asia and the world's best luxury retailers, including Selfridges, Harrods, Neiman Marcus and Nordstrom. Through the Sweaty Betty Foundation, the brand aims to give more girls access to activities they love, helping the next generation get and stay active for life. Chaco: For more than 30 years Chaco has been creating premium footwear for outdoor adventure in and out of water. Originating as an innovation in the whitewater rafting world, Chaco is the vibrant outdoor brand designing footwear for all walks of life and for a lifetime of adventure. Chaco products are distributed primarily through specialty footwear retailers, the Chaco eCommerce site, and other leading online and brick and mortar retailers. Work Group Wolverine: For more than 135 years, Wolverine has existed to support people who forge their own path: men and women who stop at nothing to build the future they want. Wolverine designs and creates footwear, apparel and accessories made to outfit those working in the core trades across the world. The brand is known for its heritage, durability, and best-in-class performance comfort technology, as well as the Wolverine 1000 Mile collection of premium lifestyle boots handcrafted in the USA from archival patterns. Wolverine products can be found online at Wolverine.com and across a variety of retail channels, including online retail, farm & fleet, work specialty, outdoor specialty, department stores and national family stores. Cat Footwear: Cat Footwear is driven by the belief that generations of builders, makers and creators can turn challenge into enduring greatness. The company is the exclusive global footwear licensee of Caterpillar Inc., and for over two decades, Cat Footwear has been living up to the hardworking spirit of both the Caterpillar trademark and the millions of consumers who trust the brand. Cat Footwear originally created a small collection of rugged work boots designed to provide workers with the comfort and durability that met the challenges of the worksite. Cat Footwear offers a wide range of footwear, including work boots and casual shoes for men, women and children, sold through a global distribution network. CAT, CATERPILLAR, their respective logos, Caterpillar Corporate Yellow, as well as corporate product identity used herein, are registered trademarks of Caterpillar Inc. Bates: Bates Footwear is a leading supplier of tactical and uniform footwear for first responders and U.S. Military members. Civilian uniform users include police officers, firefighters, security and emergency medical services workers, and others in light industrial occupations. Bates products are distributed through sporting goods chains, department stores, uniform specialty retailers, catalog retailers and online retailers. Harley-Davidson Footwear: Pursuant to a license arrangement with the Harley-Davidson Motor Company, Inc., the company has footwear marketing and distribution rights for Harley-Davidson branded footwear. Harley-Davidson branded footwear products include motorcycle, casual, fashion, work and western footwear for men, women and kids. Harley-Davidson footwear is sold globally through a network of independent Harley-Davidson dealerships and other retail outlets. Harley-Davidson is a registered trademark of H-D U.S.A., LLC. HYTEST Safety Footwear: The HYTEST product line consists of high-quality work boots and shoes that incorporate various specialty safety features designed to protect against hazards of the workplace, including steel toe, composite toe, nano toe, metatarsal guards, electrical hazard protection, static dissipating and conductive footwear. HYTEST footwear is distributed primarily through a network of independently-owned Shoemobile mobile truck retail outlets providing direct sales of the company's occupational and work footwear brands to workers at industrial facilities and also through direct sales arrangements with large industrial customers. Other Businesses In addition to its reportable segments, the company operates sourcing operations, a multi-brand direct-to-consumer business, the licensing of its Stride Rite brand. The company's results included in Other also included Sperry, which was sold in 2024, and Keds, which was sold in 2023. The company also operated a performance leathers business, which was sold in 2023. The company sold the rights to the Hush Puppies trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its sublicensee, Beijing Jiaman Dress Co., Ltd. The transaction closed on September 14, 2023. Stride Rite Licensed Business: Stride Rite is an industry leader in kids' footwear. The company signed a multi-year license agreement in 2017 to license the Stride Rite brand. The Wolverine Leathers Division was sold in two separate transactions in 2023. Sourcing Division: The sourcing division earns third-party commission revenue by providing consulting services related to product development, production control, quality assurance, materials procurement, compliance and other services. Multi-brand Direct-to-Consumer Division: The multi-brand direct-to-consumer division includes retail stores that sell footwear and apparel from the company's brand portfolio and other brands. Marketing The company's marketing strategy is to develop brand-specific plans and related promotional materials that drive consumer demand creation, fuel consumer obsession and foster a consistent message for each of the company's brands across the globe. Marketing campaigns and strategies vary by brand and are generally designed to target consumers in order to increase awareness of, and affinity for, the company's brands. The company's marketing typically emphasizes compelling brand stories and brand recognition associated with new and existing products, the performance, comfort and quality features and styles of its products within each of the company's brands, as well as raising global brand relevance and awareness. The company's brand marketing has an omni-channel, always-on approach and includes various means of delivery across digital, print and radio, including advertising through event sponsorship, social networking sites, event sponsorships, in-store activation and sales and technical assistance. The company maintains an active presence on a variety of global social media platforms, and its digital marketing seeks to create demand among new consumers, as well as connecting consumers to brand content and products. In addition to the company's internal marketing efforts, each brand provides its third-party licensees and distributors with creative direction, brand images and other materials to convey globally consistent brand messaging. Domestic Sales and Distribution The company uses a variety of means to support sales to a variety of domestic distribution channels: The company uses a dedicated sales force and customer service team, third party sales representatives and point-of-purchase materials to support domestic sales. The company maintains core in-stock inventories to service department stores, national chains, specialty retailers, catalog retailers, independent retailers, uniform outlets and its own direct-to-consumer business. The company uses volume direct programs to ship products to retail customers and to provide products at competitive prices to service major retail, catalog, mass merchant and government customers. The company also operates brick and mortar retail stores and eCommerce sites. International Operations and Global Licensing The company's foreign-sourced revenue is generated from a combination of sales of branded footwear and apparel through its owned operations in Canada, the United Kingdom and certain countries in continental Europe and the Asia-Pacific; revenue from third-party distributors for certain markets and businesses; revenue from a network of third-party licensees; and revenue and income from joint ventures that market the company's branded products in Mexico and China. The company's international owned operations are located in markets where it can gain a strategic advantage by directly controlling the sale of its products into retail accounts. License and distribution arrangements enable the company to generate sales in other markets without the capital commitment required to maintain related foreign operations, employees, inventories or localized marketing programs. The company divested its ownership interests in the China joint venture entities effective January 1, 2024. The company continues to develop its international network of third-party licensees and distributors to market its branded products. The company assists its licensees in designing products that are appropriate to each foreign market, yet consistent with global brand positioning. Pursuant to license or distribution agreements, third-party licensees and distributors either purchase goods directly from the company and authorized third-party manufacturers or manufacture branded products themselves, consistent with Company standards. Distributors and licensees are responsible for independently marketing and distributing the company's branded products in their respective territories, with product and marketing support from the company. Trademarks, Licenses and Patents The company holds a significant portfolio of registered and common law trademarks that identify its branded products and technologies. The company's owned trademarks include Hush Puppies, Wolverine, Bates, Bounce, Chaco, HYTEST, Merrell, Saucony, Stride Rite, Sweaty Betty, and related logos and design marks. The company has footwear marketing and distribution rights under the Cat and Harley-Davidson trademarks pursuant to license arrangements with the respective trademark owners. The Cat license was recently renewed and the license term runs through December 31, 2028 and the Harley-Davidson license term runs through December 31, 2024. Both licenses are subject to early termination for breach. Seasonality The company experiences moderate fluctuations in sales volume during the year, as reflected in quarterly revenue. The company expects current seasonal sales patterns to continue in future years (year ended December 30, 2023). The company also experiences some fluctuation in its levels of working capital, typically reflecting an increase in net working capital requirements near the end of the first and third fiscal quarters as the company builds inventory to support peak shipping periods. Historically, cash provided by operating activities is higher in the second half of the fiscal year due to collection of wholesale channel receivables and higher direct-to-consumer sales during the holiday season. History Wolverine World Wide, Inc. was incorporated in 1883.