Wolverine World Wide Partners With Leading Chinese Sportswear Retailer to Grow Merrell and Saucony in Mainland China
Wolverine World Wide, Inc. (WWW)
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Source: GlobeNewswire
ROCKFORD, Mich., March 04, 2019 (GLOBE NEWSWIRE) -- Wolverine World Wide, Inc. (NYSE: WWW) today announced the Company has entered into a joint venture agreement with Xtep International Holdings Limited (SEHK: 1368), a leading Chinese sportswear retailer, to develop, market and distribute Merrell® and Saucony® products in mainland China, Hong Kong and Macau. This is an important element of Wolverine’s near-term plan to make strategic investments in key international markets. The joint venture is expected to begin operating in the back half of 2019. Xtep is a powerful vertical player in the fast-growing sportswear market, with over 6,200 stores in 31 provinces and municipalities across China, including a strong network of distributors and shopping mall operators. The joint venture plans to open new stores under the Merrell and Saucony banners, with the majority slated for shopping malls in China’s larger cities, coupled with an increasing presence for these brands in Hong Kong and M
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