Wolverine World Wide, Inc. (www): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde fascinant de Wolverine World Wide, Inc. (www), une centrale dans l'industrie des chaussures qui a magistralement conçu un modèle commercial mélangeant l'innovation, des partenariats stratégiques et divers portefeuilles de marque. Des sentiers accidentés de l'aventure en plein air aux rues élégantes de la mode urbaine, www a transformé les chaussures en plus qu'un simple produit - c'est une expérience de style de vie qui s'adresse aux athlètes, aux demandeurs de confort et aux consommateurs soucieux de l'environnement. Découvrez les couches complexes de leur toile d'entreprise qui les ont propulsés pour devenir un leader mondial de la conception, de la fabrication et de la distribution des chaussures.

Wolverine World Wide, Inc. (www) - Modèle commercial: partenariats clés

Partenariats de fabrication stratégiques avec des usines en Asie

Wolverine World Wide maintient des partenariats de fabrication avec des usines situées dans:

• Chine: 37% de l'empreinte de fabrication totale
• Vietnam: 28% de l'empreinte de fabrication totale
• Indonésie: 22% de l'empreinte de fabrication totale
• Autres pays asiatiques: 13% de l'empreinte de fabrication totale

Pays	Nombre d'installations de fabrication	Capacité de production annuelle
Chine	12 installations	24,5 millions de paires de chaussures
Vietnam	8 installations	18,3 millions de paires de chaussures
Indonésie	6 installations	14,7 millions de paires de chaussures

Collaborations au détail avec les grands magasins et les détaillants de chaussures spécialisés

Les relations de partenariat clés de la vente au détail comprennent:

• Casier à pied: 17% du total des ventes annuelles
• DSW: 12% des ventes annuelles totales
• Dick's Sporting Goods: 9% du total des ventes annuelles
• Nordstrom: 7% du total des ventes annuelles

Concevoir des partenariats avec des athlètes professionnels et des marques sportives

Partenariats de collaboration de conception active:

• Merrell: Partenariat de conception de chaussures en plein air et de randonnée
• Saucone: Collaboration de conception de chaussures de course à pied
• Sperry: partenariat nautique et décontracté de conception de chaussures

Partenariats de la chaîne d'approvisionnement avec des fournisseurs mondiaux de matériaux et de composants

Catégorie des fournisseurs	Nombre de fournisseurs mondiaux	Valeur d'achat annuelle
Fournisseurs de cuir	22 fournisseurs mondiaux	127,5 millions de dollars
Matériaux synthétiques	15 fournisseurs mondiaux	93,2 millions de dollars
Composants de chaussures	38 fournisseurs mondiaux	214,6 millions de dollars

Wolverine World Wide, Inc. (www) - Modèle d'entreprise: activités clés

Conception et développement de produits pour les chaussures et les vêtements

En 2023, Wolverine World Wide a investi 42,3 millions de dollars dans la recherche et le développement. Le développement de produits se concentre sur les portefeuilles de marque suivants:

Marque	Catégories de produits	Budget de développement annuel
Merrell	Chaussures extérieures et de randonnée	15,7 millions de dollars
Saucine	Chaussures de course et vêtements de performance	12,4 millions de dollars
Carcajou	Bottes de travail et chaussures industrielles	8,9 millions de dollars

Gestion de la marque sur plusieurs segments de consommateurs

Wolverine World Wide gère 14 marques grand public dans différents segments de marché:

• Recréation de plein air: Merrell, Sperry
• Performance Athletics: Saucony, Chiots Hush
• Travail et industriel: Wolverine, chaussures de chat
• Style de vie et mode: keds, stride rite

Stratégies de marketing et de positionnement de la marque

Les dépenses de marketing en 2023 ont totalisé 87,6 millions de dollars, le marketing numérique représentant 42% du budget marketing total.

Canal de marketing	Pourcentage d'allocation	Budget
Marketing numérique	42%	36,8 millions de dollars
Médias traditionnels	33%	28,9 millions de dollars
Parrainages et événements	25%	21,9 millions de dollars

Distribution mondiale et gestion de la vente au détail

Le réseau de distribution s'étend sur 170 pays avec 4 500 points de vente au détail. Les canaux directs aux consommateurs ont généré 623,4 millions de dollars de revenus en 2023.

Innovation continue dans la technologie des chaussures

Mesures d'innovation pour 2023:

• Brevets déposés: 27
• Implémentations de nouvelles technologies: 8
• Innovations axées sur la durabilité: 5

Zone d'innovation	Focus technologique clé	Investissement
Matériaux durables	Composants recyclés et bio	6,5 millions de dollars
Technologies de performance	Systèmes avancés d'amorti et de support	9,2 millions de dollars
Intégration de chaussures intelligentes	Suivi numérique et surveillance des performances	4,8 millions de dollars

Wolverine World Wide, Inc. (www) - Modèle commercial: Ressources clés

Portfolio diversifié de marques possédées

Wolverine World Wide possède plusieurs marques de chaussures et de vêtements, notamment:

Marque	Catégorie	Contribution annuelle des revenus
Merrell	Extérieur / randonnée	638,5 millions de dollars (2022)
Saucine	Chaussures de course	245,3 millions de dollars (2022)
Chiots de silence	Chaussures décontractées	172,6 millions de dollars (2022)

Propriété intellectuelle et capacités de conception

Wolverine World Wide maintient 87 marques enregistrées à travers son portefeuille de marque.

• Brevets de conception: 42 inscriptions de conception active
• Investissement en R&D: 36,2 millions de dollars en 2022
• Centres d'innovation: 3 installations de conception mondiales

Réseau de distribution mondial

Canal de distribution	Atteindre	Volume des ventes
Magasins de détail	Plus de 50 pays	12 500 points de vente directs
Plates-formes de commerce électronique	23 Marchés en ligne actifs	463,2 millions de dollars de ventes en ligne (2022)

Relations de fabrication

Partenariats de fabrication à travers:

• Asie: 17 installations de fabrication primaires
• Pays de production: Vietnam, Chine, Indonésie
• Capacité de production annuelle: 55 millions de paires de chaussures

Capital financier

Métrique financière	Valeur 2022
Actif total	2,1 milliards de dollars
Espèce et équivalents	187,6 millions de dollars
Budget d'acquisition de marque	75 millions de dollars par an

Wolverine World Wide, Inc. (www) - Modèle d'entreprise: propositions de valeur

Des chaussures de haute qualité et axées sur les performances dans plusieurs catégories

En 2023, Wolverine World Wide, Inc. a généré des ventes nettes totales de 2,584 milliards de dollars dans plusieurs catégories de chaussures. Les gammes de produits axées sur les performances de l'entreprise comprennent:

Catégorie	Marques clés	2023 Contribution des ventes
Chaussures athlétiques	Saucone, Merrell	712 millions de dollars
Chaussures de travail	Wolverine, chenille	658 millions de dollars
Chaussures de style de vie	Sperry, Chiots Hush	514 millions de dollars

Portfolio de marque diversifié répondant à différents besoins des consommateurs

Wolverine World Wide maintient un portefeuille de marques stratégiques ciblant divers segments de consommateurs:

• Consommations axées sur la performance: Saucone, Merrell
• Professionnels du travail et industriels: Wolverine, Caterpillar
• Consommateurs occasionnels et de style de vie: sperry, chiots de silence
• Antactifs de plein air: Merrell, Wolverine

Conception et technologie innovantes dans les chaussures athlétiques et extérieures

L'entreprise a investi 78,4 millions de dollars en recherche et développement En 2023, se concentrer sur des technologies innovantes telles que:

• Systèmes d'amortissement adaptatifs
• Matériaux qui vont de l'humidité
• Technologies de performance légère

Produits confortables et élégants pour divers segments de style de vie

Le segment de style de vie de Wolverine World Wide a généré des revenus de 514 millions de dollars en 2023, avec une mise au point clé sur:

Segment de style de vie	Caractéristiques clés	Consommateur cibler
Chaussures décontractées	Conception axée sur le confort	Professionnels urbains
Style de vie extérieur	Performance polyvalente	Passionnés d'aventure
Styles classiques	Esthétique intemporelle	Consommateurs conscients de la mode

Développement de produits durable et soucieux de l'environnement

En 2023, Wolverine World Wide s'est engagé 12,5 millions de dollars aux initiatives de durabilité, y compris:

• Utilisation des matériaux recyclés
• Fabrication d'empreinte carbone réduite
• Emballage respectueux de l'environnement

Wolverine World Wide, Inc. (www) - Modèle d'entreprise: relations clients

Engagement numérique personnalisé via des plateformes spécifiques à la marque

Wolverine World Wide maintient des plateformes numériques pour des marques clés, notamment Merrell, Saucony, Hush Puppies et Wolverine. Mesures d'engagement numérique auprès du quatrième trimestre 2023:

Marque	Visiteurs du site Web	Téléchargements d'applications mobiles	Durée moyenne de la session
Merrell	3,2 millions par mois	750,000	4,7 minutes
Saucine	2,8 millions par mois	620,000	3,9 minutes

Programmes de fidélité sur différents portefeuilles de marque

Wolverine World Wide implémente les programmes de fidélité multibrands avec les caractéristiques suivantes:

• Merrell Peak Rewards: 425 000 membres actifs
• Programme Saucony VIP: 310 000 clients enregistrés
• Dépenses des membres du programme de fidélité moyens: 37% plus élevés que les non-membres

Les médias sociaux actifs et l'interaction communautaire

Statistiques d'engagement des médias sociaux pour 2023:

Plate-forme	Abonnés	Taux d'engagement
Instagram	1,6 million	3.2%
Facebook	1,2 million	2.7%

Commentaires des clients et amélioration continue des produits

Métriques des commentaires des clients:

• Réponses annuelles sur le sondage client: 85 000
• Taux de modification des produits basé sur les commentaires: 22%
• Score de satisfaction du client: 87,5%

Expériences de magasinage omnicanal

Distribution des ventes omnicanal pour 2023:

Canal	Pourcentage de ventes	Croissance d'une année à l'autre
Directement à consommation en ligne	38%	15.3%
Partenaires de vente au détail	47%	8.6%
Magasins phares de marque	15%	12.7%

Wolverine World Wide, Inc. (www) - Modèle d'entreprise: canaux

Plateformes en ligne directes aux consommateurs

Wolverine World Wide exploite plusieurs sites Web de commerce électronique spécifiques à la marque, notamment:

• Merrell.com - Généré 178,3 millions de dollars de ventes directes aux consommateurs en 2022
• Saucony.com - plate-forme en ligne avec environ 15% du chiffre d'affaires total de la marque
• Hush Puppies Site officiel - Channel de vente numérique avec International Reach

Magasins de vente au détail de marque

Marque	Nombre de magasins de détail	Propagation géographique
Merrell	42 magasins de marque	États-Unis et Canada
Saucine	12 magasins de course spécialisés	Sélectionnez les principales zones métropolitaines

Partenariats majeurs des grands magasins

Chaînes clés du grand magasin:

• Nordstrom - 187 emplacements de magasins transportant des marques Wolverine
• Macy's - 500+ magasins avec des gammes de produits Merrell et Saucony
• Dick's Sporting Goods - Distribution exclusive pour plusieurs marques Wolverine

Sports spécialisés et détaillants de plein air

Wolverine World Wide distribue par le biais de canaux de vente au détail spécialisés:

• REI - 174 emplacements transportant des chaussures extérieures Merrell
• Fleet Feet Sports - 182 magasins de course spécialisés avec des produits de sauce
• Locker de pied - 2 800 emplacements mondiaux avec des chaussures de performance

Marchés de commerce électronique

Plate-forme	Volume des ventes annuelles	Pourcentage de revenus numériques
Amazone	42,6 millions de dollars en 2022	22% des ventes numériques
Zapon	18,3 millions de dollars en 2022	9% des ventes numériques
Autres marchés en ligne	35,7 millions de dollars en 2022	18% des ventes numériques

Wolverine World Wide, Inc. (www) - Modèle d'entreprise: segments de clientèle

Antactifs athlétiques et extérieurs

Wolverine World Wide cible les consommateurs sportifs à travers des marques comme Merrell et Saucony. Selon 2023 rapports financiers, le segment de chaussures extérieur a généré 1,2 milliard de dollars de revenus.

Segment de clientèle	Dépenses annuelles	Part de marché
Amateurs de randonnée	487 millions de dollars	22.3%
Consommateurs de sentiers	315 millions de dollars	14.5%

Consommateurs de style de vie occasionnel

Des marques comme Hush Puppies ciblent le marché des chaussures occasionnelles. Le segment de style de vie a représenté 765 millions de dollars en revenus 2023.

• Consommateurs occasionnels urbains: 38% du segment
• Acheteurs axés sur le confort: 42% du segment
• Consommateurs orientés vers la mode: 20% du segment

Athlètes axés sur la performance

Les marques Saucony et Merrell se concentrent sur les chaussures sportives hautes performances. Le segment des performances a généré 542 millions de dollars en 2023.

Catégorie athlétique	Revenu	Taux de croissance
Chaussures de course	312 millions de dollars	7.2%
Performance du sentier	230 millions de dollars	5.8%

Acheteurs de chaussures de recherche de confort

Des marques comme Hush Puppies et Merrell se concentrent sur la technologie de confort. Le segment de confort a généré 456 millions de dollars en 2023.

• 35 à 55 ans démographique: 65% des acheteurs de confort
• Consommateurs soucieux de l'orthopédie: 22% du segment
• Resseoirs de confort liés au travail: 13% du segment

Consommateurs soucieux de l'environnement

Les initiatives de chaussures durables ont généré 215 millions de dollars en 2023, ce qui représente 6,7% du total des revenus de l'entreprise.

Catégorie de durabilité	Revenu	Pourcentage du total
Matériaux recyclés	127 millions de dollars	4.1%
Produits neutres en carbone	88 millions de dollars	2.6%

Wolverine World Wide, Inc. (www) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Pour l'exercice 2022, le coût total des marchandises de Wolverine World Wide (COGS) était de 2,16 milliards de dollars. La rupture des dépenses de fabrication de l'entreprise comprend:

Catégorie de dépenses	Montant (en millions)
Coût des matières premières	$852.4
Coûts de main-d'œuvre	$435.7
Fabrication des frais généraux	$312.9

Investissements de recherche et développement

En 2022, Wolverine World Wide a investi 55,2 millions de dollars dans la recherche et le développement, ce qui représente 1,7% de ses revenus totaux.

• Investissements d'innovation de produit
• Intégration technologique
• Recherche en science du matériel

Marketing et promotion de la marque

Les dépenses de marketing pour 2022 ont totalisé 312,6 millions de dollars, soit environ 9,6% des revenus totaux.

Canal de marketing	Dépenses (en millions)
Marketing numérique	$124.5
Publicité traditionnelle	$88.3
Parrainages et événements	$99.8

Distribution et logistique globales

Les coûts de distribution pour 2022 étaient de 276,4 millions de dollars, ce qui représente 8,5% des revenus totaux.

• Opérations de l'entrepôt
• Transport
• Expédition internationale

Acquisition de marque et gestion du portefeuille

En 2022, Wolverine World Wide a dépensé 187,3 millions de dollars pour les acquisitions de marque et l'expansion du portefeuille.

Acquisition de marque	Coût (en millions)
Fusions et acquisitions	$142.6
Intégration de marque	$44.7

Wolverine World Wide, Inc. (www) - Modèle d'entreprise: Strots de revenus

Ventes de chaussures en gros

Au cours de l'exercice 2022, Wolverine World Wide a déclaré des ventes nettes en gros de 2,05 milliards de dollars. Les marques clés du segment de gros comprennent:

• Merrell
• Saucine
• Chiots de silence
• Sperry

Ventes de vente au détail directement aux consommateurs

Les revenus directs aux consommateurs pour 2022 étaient de 681,5 millions de dollars, ce qui représente 24,4% du total des revenus de l'entreprise.

Canal	Revenus (2022)	Pourcentage
Magasins de détail appartenant à l'entreprise	412,3 millions de dollars	14.7%
Magasins de sortie de marque	269,2 millions de dollars	9.7%

Revenus de la plate-forme de commerce électronique

Les ventes de commerce électronique en 2022 ont atteint 346,8 millions de dollars, une croissance de 12,4% par rapport à l'année précédente.

Expansion du marché international

Les revenus internationaux pour 2022 ont totalisé 792,6 millions de dollars, ce qui représente 28,3% du total des revenus de l'entreprise.

Région	Revenus (2022)
Amérique du Nord	1,84 milliard de dollars
Marchés internationaux	792,6 millions de dollars

Revenus de licence et de collaboration de marque

Les revenus de licence pour 2022 étaient de 47,2 millions de dollars, ce qui représente une source de revenus modeste mais stratégique.

• Accords de licence Merrell
• Hush Puppies International Brand Licensing
• Gammes de produits collaboratifs

Wolverine World Wide, Inc. (WWW) - Canvas Business Model: Value Propositions

You're looking at the core value Wolverine World Wide, Inc. delivers across its portfolio as of late 2025. It's about blending high-level performance with everyday relevance, backed by solid financial execution.

The Saucony brand delivers performance and lifestyle fusion. This is evident in the success of running lines like the Endorphin series and heritage-inspired models such as the ProGrid Omni 9. This fusion drives significant financial results; for the third quarter of 2025, Saucony revenue surged by a remarkable 27.0% year-over-year, reaching $133.1 million.

For the outdoor space, Merrell offers modern outdoor versatility and trail innovation. Products like the Moab 3 and the casual Jungle Moc blend trail capability with everyday wearability. Merrell contributed $167.3 million in revenue for the third quarter of 2025, marking a 5.1% increase year-over-year.

The specialized industrial segment, the Work Group, provides durable work boots and apparel under brands like Wolverine and HYTEST. While this segment is undergoing strategic shifts, it remains a core offering. For the third quarter of 2025, the Work Group segment generated $105.9 million in revenue.

Brand authenticity and cultural resonance are reinforced through targeted collaborations. This strategy is focused on city-centric markets, specifically targeting influential hubs like Tokyo, London, and Paris to strengthen global identity.

Wolverine World Wide, Inc. is projecting improved product quality alongside better financial performance. The full-year 2025 outlook forecasts a record gross margin of approximately 47.1%, which is a significant improvement of 280 basis points compared to the 2024 gross margin.

Here is a quick look at the Q3 2025 brand performance that underpins these value propositions:

Brand/Group	Value Proposition Focus	Q3 2025 Revenue (in millions)	Year-over-Year Revenue Change
Saucony	Performance and Lifestyle Fusion	$133.1	27.0% increase
Merrell	Modern Outdoor Versatility	$167.3	5.1% increase
Work Group (Segment)	Specialized Industrial Durability	$105.9	2.9% decrease

The overall financial goal for the full fiscal year 2025 reflects this focus on operational efficiency:

• Full-Year 2025 Projected Gross Margin: 47.1%
• Full-Year 2025 Projected Revenue Range: $1.855 billion to $1.870 billion
• Q3 2025 Gross Margin Achieved: 47.5%
• Q3 2025 Total Revenue: $470.3 million

The Active Group, which houses Saucony and Merrell, drove the top-line strength, reporting revenue of $352.8 million in the third quarter of 2025, a 10.7% increase.

Finance: draft 13-week cash view by Friday.

Wolverine World Wide, Inc. (WWW) - Canvas Business Model: Customer Relationships

Digital engagement and localized storytelling via the key city strategy.

Wolverine World Wide, Inc. has focused its storytelling efforts, beginning with key city initiatives in Tokyo and London, as part of its transformation strategy. The company was named 2025 Company of the Year by Footwear News, which cited dynamic partnerships that fueled cultural resonance. These partnerships in 2025 included collaborations with Jae Tips, Westside Gunn, Minted New York, Waffle House, University of Michigan, Lonely Ghost, Gramicci, Jordan Davis, Snow Peak, and Fishwife. The Saucony brand's new creative partnership with Westside Gunn is a specific example of using cultural collaborations to build brand heat. Wolverine World Wide reported Q3 2025 Total Revenue of $470.3 million, with Ongoing Total Revenue growing 6.9% year-over-year for that quarter. The full-year 2025 revenue outlook is projected to be approximately $1.855 billion to $1.870 billion.

Direct-to-Consumer (DTC) e-commerce platforms for personalized brand experience.

The strategy involves prioritizing direct-to-consumer channels across the portfolio to enhance brand experience. For the Sweaty Betty brand, Wolverine World Wide is resetting its U.S. operations to focus on a premium online DTC model. The Saucony brand specifically reported strong mid-teens growth in its e-commerce channel during the third quarter of 2025. This focus supports efforts to accelerate growth in DTC segments. The company's overall Q3 2025 results showed the Active Group revenue increasing by 10.7% reported year-over-year, which includes the DTC-focused Saucony brand.

Cultural partnerships to build community and brand heat with younger consumers.

The use of cultural partnerships is a deliberate lever in the brand-led growth strategy. The company's success in this area contributed to being named 2025 Company of the Year by Footwear News. The investment in culture is also reflected internally, as 84% of participating employees in the 2024 engagement survey reported a strong belief in the Company, which supports a higher-performing organization. The company launched its first Global Day of Purpose, resulting in nearly 1,000 hours of donated service time.

Wholesale account management for major retail partners.

Continued dependence on wholesale channels remains a noted risk factor amid retail sector consolidation. The Work Group, which includes brands with significant wholesale exposure, reported a reported segment revenue change of (2.9)% in Q3 2025, compared to a 10.7% reported increase for the Active Group in the same period. The company's gross margin for Q3 2025 was 47.5%, up from 45.1% in the prior year, partly due to lower promotional activity, which can be a factor in managing wholesale relationships.

Loyalty programs and apps (e.g., Sweaty Betty's new U.K. app).

Customer relationship building is also supported by circular economy and sustainability initiatives that resonate with consumer values. Chaco's ReChaco Program has repaired over 246,000 sandals since 2004, aligning with the trend where 68% of outdoor sector consumers prioritize sustainability in purchasing decisions (per 2025 industry surveys). Industry-wide statistics suggest that AI-powered personalization within loyalty programs can increase long-term customer value and retention by 10 to 15%. The company's Q3 2025 Adjusted Operating Margin was 9.2%.

Here's a quick look at key segment performance metrics from Q3 2025:

Segment	Reported Segment Revenue (in millions)	Year-over-Year Change
Active Group	$352.8	10.7%
Work Group	$105.9	(2.9)%
Other	$11.6	(6.5)%
Total Revenue	$470.3	6.8%

The company's inventory at the end of Q3 2025 was $293 million, down approximately 0.7% compared to the prior year.

Wolverine World Wide, Inc. (WWW) - Canvas Business Model: Channels

You're looking at how Wolverine World Wide, Inc. gets its products into the hands of customers as of late 2025. It's a multi-pronged approach, blending traditional wholesale power with direct digital engagement.

Wholesale distribution to specialty retailers and department stores globally.

The core of the physical retail presence relies on this broad network. For the third quarter ended September 27, 2025, the Active Group, which heavily utilizes this channel for brands like Merrell and Saucony, reported revenue of $352.8 million. The Work Group, covering brands like Wolverine and Cat Footwear through wholesale, posted revenue of $105.9 million for the same period. This shows the scale of the traditional distribution backbone.

Owned Direct-to-Consumer (DTC) e-commerce websites for each core brand.

The digital channel is significant, though it saw a slight pullback recently. For the second quarter ended June 2025, Direct-to-Consumer (DTC) sales were reported at $111.6 million, representing a year-over-year dip of 1.4 per cent. Wolverine World Wide, Inc. maintains these platforms to control the direct customer experience and capture full margin.

Multi-brand retail stores (owned and operated).

While the focus has shifted, Wolverine World Wide, Inc. previously operated physical stores. As of December 29, 2018, the company operated 80 retail stores in the U.S. and Canada, though recent reports emphasize the wholesale and DTC focus over owned physical stores for the current strategy.

Third-party distributors and licensees in approximately 170 countries and territories.

The global footprint is extensive, reaching far beyond owned operations. Wolverine World Wide, Inc.'s products are carried by leading retailers in approximately 170 countries and territories. This vast reach is supported by a network of third-party distributors and licensees, especially in regions like Latin America, portions of Europe and Asia Pacific, the Middle East, and Africa. International revenue for Q2 FY25 rose 15.7 per cent to reach $250 million.

Flagship stores in key global markets like London and Paris.

The company is executing a key city initiative to anchor brand presence in major global hubs. This initiative is specifically mentioned as beginning in Tokyo and London.

Here's a quick look at the channel revenue snapshot from recent reported periods:

Channel Proxy/Metric	Financial/Statistical Number	Reporting Period
Active Group Revenue (Proxy for key brand wholesale/retail)	$352.8 million	Q3 2025
Work Group Revenue (Proxy for key brand wholesale/retail)	$105.9 million	Q3 2025
Direct-to-Consumer (DTC) Sales	$111.6 million	Q2 FY25
Total Reported Revenue	$470.3 million	Q3 2025
Global Reach (Countries/Territories)	Approximately 170	As of 2025 reports
International Revenue	$250 million	Q2 FY25

The Active Group's revenue growth in Q2 FY25 was 16.2 per cent, showing strong pull-through in those key wholesale/retail channels. The DTC channel, however, saw a slight contraction of 1.4 per cent in that same quarter.

The company also relies on owned operations in the U.S., Canada, the U.K., and certain parts of continental Europe and Asia Pacific to directly control sales in strategic markets. The structure supports a diverse portfolio, including licensed brands like Harley-Davidson Footwear.

• Owned International Operations: U.S., Canada, U.K., select continental Europe, select Asia Pacific.
• Third-Party Reliance: Latin America, Middle East, Africa, and other parts of Europe/Asia Pacific.
• Key City Focus: London and Tokyo.

Finance: draft 13-week cash view by Friday.

Wolverine World Wide, Inc. (WWW) - Canvas Business Model: Customer Segments

You're looking at the specific groups Wolverine World Wide, Inc. targets with its portfolio of brands as of late 2025. The company segments its focus into distinct consumer sets, each served by specialized brand strategies.

The Active Group consumers, comprising performance runners and outdoor lifestyle enthusiasts, represent the largest revenue driver. For the third quarter ended September 27, 2025, this group generated reported segment revenue of $352.8 million, up 10.7% year-over-year. This momentum followed a first quarter 2025 Active Group revenue of $326.7 million.

Within this Active Group, specific brand performance highlights the consumer base. Saucony delivered exceptional growth in Q3 2025, with revenue increasing 27.0% to $133.1 million. Merrell posted a solid 5.1% increase to $167.3 million in the same period. The Wolverine brand, which also serves this space, saw its revenue decline by 8.2% in Q3 2025.

Next, you have the Industrial and trade workers segment, served by the Work Group. This segment showed a slight contraction in the third quarter of 2025, with reported revenue at $105.9 million, a decline of 2.9% year-over-year. This contrasts with the first quarter of 2025, where the Work Group revenue was $74.8 million, reflecting a 17.0% year-over-year decline.

Global consumers are targeted through the key city strategy, reflected in the International revenue figures. For Q3 2025, International revenue grew 13.5% to reach $242.7 million. This strong international performance contrasts with the Direct-to-Consumer channel, which declined 4.9% to $106.8 million in Q3 2025.

The Women's premium activewear consumers are addressed through the Sweaty Betty brand. While the brand is part of the overall positive narrative, its Q3 2025 revenue experienced a decline of 3.9% year-over-year. For context, Sweaty Betty reported revenue of $38.0 million in the first quarter of 2025.

Finally, Institutional investors and shareholders focus on the company's financial trajectory and return potential. The full-year 2025 outlook projects diluted earnings per share in the range of $1.08 to $1.13, with adjusted diluted earnings per share forecast between $1.29 to $1.34. The third quarter 2025 actual adjusted diluted EPS was $0.36, beating the consensus estimate of $0.33.

Here's a quick look at the segment revenue performance as of the latest reported quarter:

Customer Focus Segment Proxy	Reported Segment Revenue (Q3 2025, in millions)	Year-over-Year Change (Q3 2025)
Active Group (Performance/Outdoor)	$352.8	10.7% Increase
Work Group (Industrial/Trade)	$105.9	2.9% Decline
International (Global Consumers)	$242.7	13.5% Growth
Direct-to-Consumer (Channel)	$106.8	4.9% Decline

Investor sentiment is captured by analyst ratings and price targets. The consensus rating from 10 Wall Street analysts over the last twelve months is a Moderate Buy. The average consensus price target is $23.29, representing a forecasted upside of 33.95% from the current price of $17.38 (as of mid-November 2025).

The key drivers for these segments are reflected in the brand-level results:

• Saucony revenue growth in Q3 2025 was 27.0%.
• Merrell revenue growth in Q3 2025 was 5.1%.
• Sweaty Betty revenue declined by 3.9% in Q3 2025.
• The company expects full-year 2025 revenue between $1.855 billion and $1.870 billion.
• Full-year 2025 expected gross margin is approximately 47.1%.

Wolverine World Wide, Inc. (WWW) - Canvas Business Model: Cost Structure

You're looking at the core expenses Wolverine World Wide, Inc. faces to keep its global footwear and apparel business running as of late 2025. Honestly, for a company with brands like Merrell and Saucony, the cost structure is dominated by getting product made and getting it to the customer.

Manufacturing and sourcing costs from a global supply chain are managed through a third-party sourcing strategy. This approach lets Wolverine World Wide, Inc. benefit from lower manufacturing costs and high-quality raw materials sourced globally, while avoiding the capital expenditures of owning factories. The focus is on balancing timely shipments, quality, and competitive pricing. The company achieved a consolidated gross margin of 47.5% in the third quarter ended September 27, 2025. For the full fiscal year 2025, the expected gross margin is approximately 47.1%.

Significant Selling, General, and Administrative (SG&A) expenses, including marketing spend, are a major outflow. In the third quarter of 2025, total operating expenses rose by 12.0% to $183.6 million. Management noted that strategic reinvestment of a portion of gross margin gains supports the brand-building model, which includes marketing and talent development. The projected full-year 2025 operating margin is approximately 7.8%.

Costs associated with debt servicing have seen a favorable trend due to balance sheet strengthening. Net Debt at the end of the third quarter of 2025 stood at $543 million. This reduction from prior periods is expected to lower interest costs significantly. Interest and other expenses are projected to be approximately $27 million for the full fiscal year 2025, a notable decrease from $39 million in 2024.

Logistics and distribution costs for a global footprint are inherent to moving product from global sourcing locations to various sales channels. While specific dollar amounts aren't broken out separately from operating expenses, the focus on supply chain cost initiatives has been a key driver in margin improvement.

Investment in technology modernization and e-commerce platforms is framed within broader strategic spending. Management highlighted continued investment in key capabilities as part of the plan to drive growth and support the brand-building model.

Here's a quick look at some key cost-related metrics from the latest reported period:

Cost Component/Metric	Value (Q3 2025 or FY 2025 Projection)	Period/Context
Net Debt	$543 million	End of Q3 2025
Total Operating Expenses	$183.6 million	Q3 2025
Projected Interest Expense	$27 million	Full Year 2025 Projection
Gross Margin	47.5%	Q3 2025
Projected Full-Year Gross Margin	47.1%	FY 2025 Outlook
Projected Full-Year Operating Margin	7.8%	FY 2025 Outlook

The major cost drivers Wolverine World Wide, Inc. is managing include:

• Manufacturing costs via third-party global sourcing.
• Operating expenses, including marketing and brand investment.
• Interest expense on outstanding net debt.
• Costs embedded in logistics for global distribution.
• Capital allocation for technology and capability upgrades.

Wolverine World Wide, Inc. (WWW) - Canvas Business Model: Revenue Streams

You're looking at how Wolverine World Wide, Inc. brings in its money, which is really about how they sell their portfolio of footwear and apparel brands. The streams are pretty standard for a major brand house, but the execution on the turnaround strategy is what's driving the current numbers.

The primary revenue streams for Wolverine World Wide, Inc. are structured around moving product through different channels and agreements. The largest component is historically the wholesale sales to retail partners. This is where the bulk of the volume moves through major department stores, specialty retailers, and big-box stores globally. This channel is key to the performance of brands like Merrell and Saucony, which are driving much of the recent growth.

Next up is Direct-to-Consumer (DTC) sales via e-commerce and owned retail stores. This channel offers better margin capture, and you can see its contribution, for example, in the second quarter of 2025 when DTC sales were reported at $111.6 million, though that figure represented a slight dip of 1.4 per cent year-over-year for that period. The company is definitely focused on growing this stream for better profitability.

A third, often less visible but important, stream is licensing revenue from global agreements. This includes arrangements for things like apparel or specific product lines under certain brand names. For instance, the 'Other' segment revenue in the third quarter of 2025 was $11.6 million, and this category has historically included the Stride Rite licensed business, which is a part of this revenue type.

Here's a look at the key financial guidance and recent segment performance to give you a sense of scale for the full-year expectations:

Metric	Value / Range	Context
Total Full-Year 2025 Revenue Projection	$1.855 billion to $1.870 billion	Represents growth of 6.0% to 6.8% compared to 2024 ongoing business.
Adjusted Diluted EPS Expected for FY 2025	$1.29 to $1.34	Reflects confidence in improved profitability following the turnaround.
Q3 2025 Total Revenue	$470.3 million	Reported for the period ended September 27, 2025.
Q3 2025 Active Group Revenue	$352.8 million	Largest segment, showing a 10.7% year-over-year increase.
Q3 2025 Work Group Revenue	$105.9 million	Experienced a 2.9% year-over-year decline.

You can see the concentration of revenue in the brand segments that feed the wholesale channel. The Active Group, which houses Merrell and Saucony, is clearly the engine right now. The company is actively managing its brand mix to favor these higher-growth areas.

The revenue generation is also tied to specific brand performance, which you see reflected in the segment reporting. For instance, in Q3 2025, the revenue drivers were:

• Merrell brand revenue: $167.3 million, up 5.1%.
• Saucony brand revenue: $133.1 million, up 27.0%.
• Wolverine brand revenue: Declined 8.2%.
• Sweaty Betty brand revenue: Declined 3.9%.

The overall revenue expectation for the full year 2025 lands squarely in that $1.855 billion to $1.870 billion window. Finance: draft 13-week cash view by Friday.