Company type | Subsidiary |
---|---|
NYSE: WWW | |
Industry | Footwear Sportswear Sports equipment |
Founded | 1935 |
Founder | Paul A. Sperry |
Headquarters | Waltham, Massachusetts, United States |
Area served | Worldwide |
Products | Boating shoes Apparel |
Parent | Authentic Brands Group |
Website | sperry.com |
Sperry or Sperry Top-Sider is an American brand of boat shoe designed in 1935 by Paul A. Sperry. Sperrys, or Top-Siders, were the first boat shoes introduced into the boating and footwear markets. Until January 2024, the Sperry brand was owned by Wolverine World Wide and headquartered in Waltham, Massachusetts. It is currently owned by Authentic Brands Group, with the North America operations licensed to Aldo group. [1]
While sailing on the Long Island Sound, inventor and sailor Paul A. Sperry slipped on the deck of his boat and fell overboard. He was able to pull himself back on board, but the experience drove him to develop a non-slip shoe for boating. While experimenting, he noticed his cocker spaniel's ability to run down an icy hill without slipping. Examining its paws, he noticed traction-enhancing grooves, which he sought to mimic by cutting a pattern of them into a natural rubber sole utilizing a process known as siping. [2] [3]
The Sperry "Top-Sider" boat shoe that was introduced in 1935 [2] [4] featured a canvas upper, herringbone siping, and a white outsole to prevent the shoe from leaving dark scuff marks on a boat's deck. The Commonwealth Shoe and Leather Co. later partnered with Sperry on a design using specially tanned water-resistant leather, which became the familiar Sperry "boat shoe". [2] Sperry's shoes remained a niche product for boaters until 1939 when the US Navy negotiated the right to manufacture the shoe for its sailors at the United States Naval Academy. As a result of this increased production, Sperry sold the brand to the US Rubber Co. in 1940. [2] In 1979 the Stride Rite Corporation purchased both Sperry and Keds from US Rubber. [5] In 2007, Payless ShoeSource acquired Sperry Top-Sider as part of a multi-brand acquisition. The company was purchased, along with the other brands from Payless's Collective Brands Performance and Lifestyle Group portfolio, in 2012 by Wolverine World Wide and Blum Capital Partners for US$1.23 billion. [6]
In 2009, Footwear News named Sperry Top-Sider the Brand of the Year. [7]
In early 2015, Sperry announced that the brand had dropped the defining trait "Top-Sider" name from the company as part of the footwear company's new brand campaign. [8] Since 2021, Sperry has opened 2 specialty stores and 40 outlet stores across the United States. [9]
In May 2023, Wolverine World Wide announced the search for "strategic alternatives" for the Sperry brand, as part of a broader move to focus on growth sectors. [10]
In January 2024, Wolverine World Wide announced the sale of Sperry to Authentic Brands Group who in turn is licensing the brand to the Aldo Group for North American operations. [1] Sperry's year-on-year sales for the quarter ending September 30th had fallen 41.4%. The sale to Authentic Brands Group generated proceeds of around $130 million. The Aldo Group plans to open 23 Sperry stores in the North American market. [11]
Sperry is the official footwear sponsor of the US Sailing Team Sperry, [12] the US Junior Olympic Sailing Team and the US Paralympics Sailing Team.
In 1987, Sperry Top-Sider served as the official sponsor of the America's Cup World Series. Sperry shoes were worn by champion sailor Dennis Conner during the race. Sperry served as the footwear sponsor for the America's Cup sailing tournament for several years, but later began to sponsor other sailing events. [13]
In 2015, Sperry became the official footwear partner of the 35th America's Cup and the official footwear supplier for Oracle Team USA. [14]
In 2016, Sperry also became the official footwear supplier of SoftBank Team Japan. Through their America's Cup partnership, Sperry announced that they would collaborate with athletes to create custom footwear to wear during the competition. [15]
Adidas AG is a German athletic apparel and footwear corporation headquartered in Herzogenaurach, Bavaria, Germany. It is the largest sportswear manufacturer in Europe, and the second largest in the world, after Nike. It is the holding company for the Adidas Group, which also owns an 8.33% stake of the football club Bayern München, and Runtastic, an Austrian fitness technology company. Adidas's revenue for 2018 was listed at €21.915 billion.
Brooks Sports, Inc., also known as Brooks Running, is an American sports equipment company that designs and markets high-performance men's and women's sneakers, clothing, and accessories. Headquartered in Seattle, Washington, Brooks products are available in 60 countries worldwide. It is a subsidiary of Berkshire Hathaway.
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Saucony is an American brand of athletic footwear and apparel. Founded in 1898, the company is owned by Wolverine World Wide. Products commercialised by Saucony include footwear and clothing ranges, such as athletic shoes, jackets, hoodies, T-shirts, sweatpants, shorts, and socks. Accessories include hats and backpacks.
Wolverine World Wide, Inc. or Wolverine Worldwide, is a publicly traded American footwear manufacturer based in Rockford, Michigan. The shoemaker is known for its eponymous brand, Wolverine Boots and Shoes, as well as other brands, such as Hush Puppies, Chaco, and Merrell. The company also manufactures licensed footwear for other firms, such as Caterpillar and Harley-Davidson. In 2012, Wolverine World Wide added Saucony, Keds, Stride Rite and Sperry Top-Sider to its list of brands, after acquiring the Performance Lifestyle Group of Collective Brands in a $1.23 billion transaction that also involved the sale of Payless ShoeSource and Collective Licensing International to private equity firms Blum Capital Partners and Golden Gate Capital.
Payless ShoeSource Worldwide, LLC, is an American multinational discount footwear chain. Established in 1956 by cousins Louis and Shaol Pozez, Payless was a privately held company owned by Blum Capital, and Golden Gate Capital. In 1961, it became a public company as the Volume Shoe Corporation, which merged with The May Department Stores Company in 1979. In the 1980s, Payless was widely known in the U.S. for its Pro Wings line of discount sneakers, which often had Velcro straps instead of laces. In 1996, Payless became an independent publicly held company. In 2004, Payless announced it would exit the Parade chain and would close 100 Payless Shoe outlets. On August 17, 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc. As of 2020, Payless is owned by a group of investors led by Alden Global Capital and Axar Capital Management.
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The Aldo Group, branded and stylised as ALDO, is a Canadian multinational retailer specializing in shoes and accessories. Established in 1972 in Montreal, Quebec, the company was founded by Aldo Bensadoun. Its corporate headquarters are based in Saint-Laurent, Quebec. Stores in Canada and the U.S. are owned by Aldo Group, while international stores are franchised.
Reebok International Limited is an American fitness footwear and clothing brand that is a part of Authentic Brands Group. It was established in England in 1958 as a companion company to J.W. Foster and Sons, a sporting goods company which had been founded in 1895 in Bolton, Lancashire. From 1958 until 1986, the brand featured the flag of the United Kingdom in its logo to signify the origins of the company. It was bought by German sporting goods company Adidas in 2005, then sold to the United States–based Authentic Brands Group in 2021. The company's global headquarters are located in Boston, Massachusetts, in the Seaport District.
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Boat shoes are typically canvas or leather with non-marking rubber soles designed for use on a boat. A siping pattern is cut into the soles to provide grip on a wet deck; the leather construction, along with the application of oil, is designed to repel water; and the stitching is highly durable. Boat shoes are traditionally worn without socks.
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Authentic Brands Group LLC (ABG) is an American brand management company headquartered in New York City. Its holdings include various apparel, athletics, and entertainment brands, which it partners with other companies to license and merchandise. ABG owns more than 50 consumer brands, as well as the likeness rights or estates of celebrities, including Muhammad Ali, Elvis Presley, and Marilyn Monroe.
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Paul Alling Sperry was an American inventor, businessman, photographer, screen printer, sailor and outdoorsman. He designed the first boat shoe and founded Sperry, a sportswear company now headquartered in Waltham, Massachusetts.