Wolverine Worldwide (WWW: Quote) and Forus SA announced the formation of a new joint venture, Lifestyle Brands of Colombia, to market footwear in Colombia.
Wolverine Worldwide noted that the joint venture will be granted the long-term distribution rights to market some of Wolverine's most significant brands, Merrell and Caterpillar Footwear, in the important Colombian market. Further, the venture will market Forus' well-established outdoor brand, RKF. Wolverine will own 51% of the new joint venture.
Wolverine said that as a second part of the business collaboration, it is purchasing a 49% stake in Forus' existing Colombian business, Forus SA Colombia, which currently has the rights to Wolverine's Hush Puppies and Cushe brands in Colombia. Forus SA Colombia currently owns and operates 23 retail locations and sells directly to Colombia's most important department stores and specialty footwear retailers.
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by RTT Staff Writer
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