The Rockford, Mich.-based footwear company said total revenue in the fourth quarter of 2024 was $494.7 million, down 6.1 percent from $526.7 million the same time last year. Ongoing total revenue in Q4 – which excludes the impact of sold assets like Keds, Sperry and the Wolverine leather business – was also $494.7 million, an increase of 3.0 percent from $480.5 million the prior year period.

By brand, Merrell and the company’s namesake Wolverine label led the way in Q4 in terms of growth. At Merrell, net sales in the period were $163.4 million, a 1.0 percent increase from $161.8 million the prior year. At the Wolverine brand, net sales were $62.4 million, a 20.5 percent increase from $51.8 million just a year ago.

Turning to Saucony, sales declined 5.3 percent to $99.6 million in the third quarter from $105.1 million the same time last year. And at Sweaty Betty, net sales decline 5.9 percent in Q4 to $63.4 million from $67.3 million.

The company’s international revenue was down 5.4 percent to $252.7 million on a reported basis compared to the prior year, while its direct-to-consumer revenue was also down 18.8 percent on a reported basis to $151.7 million. Net debt at the end of the quarter was $496 million, down $246 million or approximately 33.1 percent compared to the prior year.

As for the full fiscal year 2024, Wolverine Worldwide said total revenue was $1.76 billion, down 21.8 percent from $2.24 billion from 2023. Ongoing total revenue in fiscal 2024 was $1.75 billion, a decrease of 12.1 percent from $1.99 billion the prior year.

By brand, Merrell reported net sales in 2024 of $598.4 million, down 11.5 percent from $675.8 million in fiscal 2023. At Saucony, sales declined 18.0 percent to $406.5 million from $495.8 million, while the Wolverine brand sales decreased 4.0 percent to $193.1 million from $201.2 million. Sweaty Betty net sales for the year declined tk percent to $198.9 million from $203.8 million.

The company’s international revenue was down 15.9 percent to $861.6 million on a reported basis compared to the prior year, while its direct-to-consumer revenue was also down 16.9 percent on a reported basis to $483.9 million.

“A year ago, we outlined an ambitious turnaround strategy composed of three chapters: stabilization, transformation, and inflection,” Chris Hufnagel, president and chief executive officer of Wolverine Worldwide, said in a statement. “We shared a plan to meaningfully strengthen the company’s balance sheet, expand profitability, and sequentially improve revenue trends – culminating with an inflection to growth in the final quarter of 2024. I’m pleased to report that we accomplished all of these objectives.”

Hufnagel added that the company exceeded its expectations for revenue and earnings in the fourth quarter and inflected to growth as a company – delivering better-than-anticipated results for 2024. “As we begin 2025, our brands are poised to continue to build on our momentum, standing on a much healthier foundation with stronger product pipelines and compelling storytelling,” the CEO noted. “Our team is encouraged by the work we’ve accomplished together and excited to turn the page.”

Looking ahead, the company said that it expects to build on the momentum gained in 2024 and make continued progress on its transformation in fiscal year 2025. Wolverine Worldwide noted that it expects revenue for fiscal 2025 to be approximately $1.795 billion to $1.825 billion, representing growth of approximately 2.5 percent to 4.3 percent compared to the 2024 ongoing business and constant currency growth of approximately 4.7 percent to 6.5 percent.

“2024 was a pivotal year for our 142-year-old company,” Hufnagel continued. “While we haven’t yet reached our full potential, I’m encouraged by the progress we’ve made and thankful for our teams and partners around the world. The most important chapter is the next one, as we drive together to deliver better, more consistent returns for our shareholders.”

As reported by FN in January, Authentic has now confirmed that Galaxy Universal has taken over Reebok’s footwear operations, retail stores and e-commerce, as well as leading Reebok’s global product creation, design and sourcing.

In addition, a new joint venture between Galaxy and Batra Group, dubbed GB Brands Europe Limited, will oversee the brand’s operations across Europe and the UK. This new venture takes over for New Guards Group (NGG), a division of Farfetch, which previously distributed Reebok footwear and apparel in Europe.

Jarrod Weber, global president of sports and lifestyle at Authentic Brands Group, said in a statement that the decision to work with Galaxy was a “no-brainer” and make an “ideal partner” for Reebok.

“Their expertise in athletic footwear and innovation, combined with Batra’s excellence in apparel ingenuity and relationship building, positions Reebok for incredible success across Europe and the UK,” Weber said. “Together, we are creating a future where Reebok will continue to lead in performance, style, and innovation, connecting with consumers in ways that resonate globally.”

Weber added that as the company transitions from Sparc Group, which previously held the U.S. license for Reebok, the footwear brand is positioned to drive continued growth. “This partnership exemplifies our commitment to elevating the brand’s and strengthening its global position,” Weber said.

As for Eddie Esses, chief executive officer of Galaxy, he noted that his company’s focus is to “unleash Reebok’s full potential” and to design and produce “the best athletic shoes” for customers worldwide. “We look forward to building on Reebok’s great heritage and writing the next exciting chapter of this iconic brand,” Esses commented.

Rajiv Batra, director of Batra Group, added, “We’re excited to partner with Authentic and Galaxy to take Reebok’s operations in Europe and the UK to the next level. Batra’s rich heritage in product development, design, sourcing, and distribution, positions us perfectly to drive Reebok’s growth across the region. Our joint venture, GB Brands Europe Limited, will ensure that Reebok’s apparel and footwear offerings resonate with consumers, creating the perfect blend of innovation and quality.”

With this deal Reebok joins Galaxy Universal’s portfolio of athletic brands including And1, Avia, Gaiam, Hi-Tec and Magnum. Galaxy is also the licensee of the Shaq, Quiksilver, Billabong, Lands’ End and Justice brands. Reebok also joins Batra’s portfolio, which includes Fila, Juicy Couture, Russell Athletic, Hunter Boots, Hi-Tec, Hoodrich, Pony and Sergio Tacchini.

Located at 3 Times Square, the 2,700-sq.-ft. store was renovated by NYC-based design firm Ringo Studios to give the space a “clubhouse-like ambiance” and feature’s the brand’s full range of footwear and accessories.

According to Ringo Studio, the reimagined design is anchored by warm oak on the walls that is punctuated by peek-through openings, merchandising displays and seating nooks aimed at establishing “intimate shopping zones.”

Large display tables are featured every corner of the store, contrasting the warm wood tones with heavy black marble and travertine, the company said. Toward the back, an intimate lounge features a double-sided seating plinth resting heavily atop a “rug” of glossy white penny tiles with rough edges.

What’s more, linear lighting bars suspended from the 18-foot ceilings cut across the curving walls, introducing a layered visual texture that plays with expectations. Ten-foot-wide display niches along the store’s perimeter are coated in a baby blue, creating a bold backdrop for shoe silhouettes displayed on adjustable chrome shelves. Plus, crisp lemony accents intermingle with high-gloss buttery yellow, infusing the space with a playful whimsy reminiscent of the energy captured in the brand’s iconic “big head” ads from the early 2000s.

“This project marks an exciting milestone for Ringo Studio as our first major collaboration with an iconic fashion brand,” Madelynn Ringo, founder and creative director of Ringo Studio, said in a statement. “Steve Madden is synonymous with New York City’s energy and creativity, and we were challenged to reimagine the brand’s retail identity while honoring its rich history. Through our refined creative process, which prioritizes immersive storytelling, we crafted a sculptural environment that enhances the shopping experience, celebrates the bold spirit of the brand, and creates a space where people can gather, pause, and enjoy the pulse of the city.”

The news comes just days after Steve Madden snapped up Kurt Geiger for 289 million pounds in cash, or $360 million at current exchange.

In a post on Wise’s LinkedIn page on Tuesday, he announced his departure from the German athletic company after 8.5 years.

“I’m beyond grateful for the experiences, the challenges and most importantly the people who have made this journey so special,” Wise wrote on LinkedIn. “Adidas isn’t just a company – it’s a global culture, a community and a place where creativity and innovation push boundaries every day.”

Wise, who most recently served as general manager of global basketball at Adidas, joined the company in 2016 as director of merchandising for Foot Inc. During his tenure, he also held the positions of category director of merchandising for US Originals, senior director of product, and global vice president of product. Prior to Adidas, Wise held several footwear buying positions at Villa and was the owner of Premier Athlete Performance.

“While leading the basketball business, I am proud of our achievement – relaunching the category, expanding partnerships, establishing a strong presence in Los Angeles and achieving incredible sales gains on the business side,” Wise wrote. “I’ve learned so much here – the power of collaboration, the importance of staying true to a brand’s DNA while pushing for the future and how sport, style and purpose intersect in ways that inspire millions around the world.”

“To my team and partners—thank you for your trust, your energy and the unforgettable moments we’ve shared. While I’ll always be cheering for you from the sidelines, I’m incredibly excited for what’s next,” Wise added. “More to come soon—but for now, just gratitude.”

In a statement from an Adidas spokesperson, the footwear company confirmed that Wise resigned from his post. “We are grateful and appreciative of the significant contributions that Eric has made over his 8-year tenure with the brand, culminating in his leadership of the basketball business unit,” the spokesperson said. “We would like to thank Eric for his contributions to the brand, and wish him all the best in his next chapter.”

FN has reached out to Wise for more information.

Wise’s exit from the Three Stripes comes one month after Adidas announced it would cut jobs at its Herzogenaurach, Germany headquarters in order to “simplify operations.” Wise, who was based in Los Angeles, was not part of any downsizing at the company.

The cuts came the same week Adidas reported stellar preliminary results for the fourth quarter and fiscal 2024.

Adidas saw revenues grow 24 percent in Q4 to 5.97 billion euros, up from 4.81 billion euros the same time last year. As for the full fiscal year, Adidas said revenues increased 11 percent in 2024 to 23.68 billion euros, compared to 21.43 billion euros in fiscal 2023.

The Italian footwear brand has launched the “Bridal Not Bridal – Scarosso Yes I Do” bridal footwear capsule collection featuring pumps, sandals and flats. The company said the collection “breaks away from traditional wedding shoe conventions” and aims to offer styles that “seamlessly transition beyond the big day” in the hopes of capturing modern brides looking for something different.

The new collection is crafted in Italy and features three key styles, each in multiple variations. The line’s pumps, which come in a 9 centimeter heel height, are available in three versions – a while plain satin, a white plain satin with a rhinestone accessory on the upper, and a white satin with crystal embellishments.

As for the sandal, there is one refined single version in white satin with a silver detail on the front lace that features a 8.5 cm heel height. There are three versions of the flats, however, including a white plain satin model, a white satin with a rhinestone accessory on the upper, and a white satin with crystal embellishment.

Scarosso’s move into bridal comes as the footwear company continues to try out new categories. In 2023, the company launched kids’ shoes for the first time.

The Italian brand has also doubled down on its collaborations. In November, Scarosso launched a tie-up with Los Angeles-based Italian actress, model and digital influencer Marta Pozzan for a high-glamour capsule collection.

Collaborations will continue to play a pivotal role in the process of expanding its reach in the U.S. “Since the beginning, we’ve always sought to establish a strong connection with the U.S., and all our collaborations reflect this, from Brian Atwood and Nick Wooster to Linda Rodin, Warren Alfie Baker, and Matt Hranek, each partnership has deepened our ties to the States,” Scarosso’s brand manager Gaetano D’Angiulli told FN sister publication WWD in November.

The new Bridal Not Bridal – Scarosso Yes I Do capsule, which retails between $370 and $570, is now available exclusively on scarosso.com.

Starring Hollywood legend Jane Fonda, the new “Born to be a Super-Star” campaign video takes viewers on an adrenaline-fueled journey, celebrating those who take risks, dream louder, and redefine the possible, the Italian footwear company noted.

Designed in 2007, the Super-Star was the first Golden Goose sneaker to feature the brand’s now ubiquitously distinctive star. Born from a visit to Venice Beach, the Super-Star draws inspiration from the local skate scene, blending the simplicity of a 1970s derby upper with the rugged wear and tear of a skateboarder’s shoe.

Joining Fonda in the campaign is an impressive cast of trailblazers featuring Australian skateboarder and two-time Olympic gold medalist Keegan Palmer, Italian Paralympic athlete and Inclusive Padel Tour founder Alessandro Ossola, American restaurateur and entrepreneur Joe Bastianich, and renowned fashion stylist Cristina Ehrlich.

Golden Goose noted that each cast member brings their unique stories to the campaign, showcasing the universal appeal of the Super-Star sneaker. The campaign is the first of many celebratory moments of the brand’s 25th anniversary, Golden Goose added.

This new campaign comes one month after Golden Goose gained a new minority investor in Blue Pool Capital. In January, the Hong Kong-based family office set up by Joe Tsai, cofounder and chairman of the Alibaba Group, acquired a 12 percent stake in the Italian company. Funds advised by Permira will retain a majority investment in Golden Goose.

Permira acquired a majority stake in the brand in 2020 to accelerate its growth through direct-to-consumer channels, in particular online and retail, and diversify its product assortment.

 “We warmly welcome Blue Pool Capital as a strategic partner in our journey to redefine luxury,” Silvio Campara, chief executive officer of Golden Goose, said at the time. “This partnership reflects the strength of our brand and the incredible global community of Dreamers we have built.”

Campara touted the expertise of Blue Pool and “their deep connections” in the U.S. and in the Asia-Pacific region, as well as “their impressive portfolio in sports investments,” which will contribute to “push the boundaries of our dream. Together, we will accelerate our growth through innovation while continuing to deliver unique, authentic experiences to our community.”

Since 2020, Golden Goose has more than doubled its revenues and built a community of over 1.8 million customers. Golden Goose is present in the Americas, Europe, the Middle East and the Asia-Pacific region, with more than 200 stores and an online and wholesale distribution network.

According to the Japanese sportswear company, net sales in North America increased 17.8 percent to 135.0 billion yen (approximately $891.8 million) from 114.6 billion yen ($756.9 million) in fiscal 2023.

Asics noted the increases were attributed to significant sales growth for run specialty stores, reduction of the sales volume of entry models, improvement in profitability of retail and the sales growth of e-commerce.

“We are so very fortunate that our Asics global headquarters team in Kobe, Japan supports our long-term vision for the region and continues to collaborate with our team to provide the necessary resources to manage all channels of our business,” Koichiro Kodama, president and chief executive officer of Asics North America, said in a statement. “Our focus remains on servicing our valued account partners and providing them with all the necessary tools for success.”

By business segments, the company added that the North American region showcased a diverse set of category strengths, with the United States producing double-digit growth inside the wholesale channel while Canada and Mexico both generated double-digit growth in their respective e-commerce channels. U.S. wholesale maintained its streak of double-digit quarterly growth, with all categories of business contributing to the overall 43.6 percent growth against the fourth quarter of 2023, Asics said.

The running specialty trade channel also saw high double-digit growth compared to the same period last year. Asics said this was driven by the launch of NovaBlast 5 shoe in December, which generated triple digit year-over-year quarterly growth and was supported by two key legends, the Gel-Nimbus and Gel-Cumulus footwear models. Both of which produced high double-digit growth compared to the same period last year.

As for the popular Sportstyle category, Asics noted that it remained “red hot” in the final quarter of 2024, generating triple-digit revenue growth against the same period in 2023. Following in the footsteps of the popular heritage running silhouette, Gel-Kayano 14 shoe, the two leading sales drivers for Q4 2024 were the Gel-1130 and GT-2160. Both footwear models produced high triple digit sales growth compared to same period in 2023.

Rounding out the category is Asics’ Core Performance Sports line, which includes the brands tennis and racket sport products. As a whole, the category increased 54.6 percent compared to Q4 of 2023 and was driven by a mix of high performance and entry level footwear models. The Gel-Resolution and Gel-Dedicate court models served as the top selling styles to support the continued growth and popularity of racket sports.

 What’s more, Asics said that for the first time in a decade, its retail division generated profit over the full year of 2024 – led by the brands flagship store in Manhattan’s Meatpacking District, growing 72.1 percent year-over-year. Following similar trends as the wholesale trade, key sales drivers were Asics’ energetic Blast product silo and Legends footwear models, including the Gel-Nimbus shoe.

“In a very short time, we have made great strides in the run specialty channel as well as the Sportstyle category,” Kodama added. “We remain strongly committed to building innovative products with unparalleled quality, and all the while providing the very best service to our key account partners.”

These regional results come as the overall Asics Corporation saw net sales in fiscal 2024 increase 18.9 percent to 678.5 billion yen ($4.48 billion) from 570.4 billion yen ($3.77 billion) in 2023.

According to the Italian footwear brand it has unveiled the “Santoni Culture, An Emblem of Mastery” mark. Described by the brand as “more than a logo,” the new symbol aims to trace the legacy of the artisans who have shaped Santoni’s story since its founding in 1975.

At the heart of this emblem are four key elements, each layered with meaning – the tree, the needle and thread, the paintbrush and the double buckle.

Santoni noted that the tree is a metaphor for “its deep-rooted legacy, its branches reaching toward new horizons while remaining anchored in its artisanal foundations,” while the needle and thread, represent the brand’s devotion to expert craftsmanship.

The paintbrush, a symbol of Santoni’s Velatura art of coloring, tells the story of hand-applied patinas, transforming leather into a canvas of unparalleled beauty. And the brand’s signature double buckle shoes complete the mark – which “stands as a symbol of enduring artistry,” the company added.

As the brand embarks on a year of special milestones, the new “Santoni Culture, An Emblem of Mastery” will become a “guiding symbol” woven into the company’s storytelling, integrated into campaigns, videos and brand activations that will bring this anniversary year to life.

This news comes just weeks after Santoni revealed a new retail concept that will be applied to all new stores going forward, including the new 667 Madison Avenue space in New York, which will open by the end of February.

Designed by Spanish designer and architect Patricia Urquiola, the store replaces the old 551 Madison Avenue location, and spans 3,767-sq.-ft. over two floors. The space will incorporate new experiential elements and has been inspired by the architecture and history that surrounds it. 

The honor, which recognizes extraordinary service to advance the Foundation’s mission of lifting lives in footwear, will be presented to Kahan at the Two Ten Annual Gala on June 3 at The Glasshouse in New York City.

According to Shawn Osborne, president and CEO of Two Ten, dubbed Kahan a “transformational leader” of the storied German footwear brand.

“What many in the industry do not know is how deeply impactful [Kahan’s] decade of service on Two Ten’s board of directors has been,” Osborne said. “David not only champions our mission of lifting lives, he also thinks about the long-term advancement of the Foundation. During his tenure as board chair, we completely transformed our fundraising model, raising almost $10 million as we shifted to an approach that emphasized building more meaningful partnerships.”

Kahan served as Two Ten board chair from 2021 through 2023, a period when Two Ten noted that it awarded a record number of disaster and hardship relief grants to footwear employees, as the industry emerged from the pandemic and faced the devastation of hurricanes Fiona and Ian. More than 3,500 footwear families were directly impacted by Two Ten’s relief and education programs in this period, Two Ten stated.

“David led the way as we planned for a post-Covid world,” Osborne added. “He pushed us to reimagine how the Foundation operated, to think about what we needed, not just to weather a period of crisis, but to position ourselves to thrive once that crisis had passed.”

For Kahan, he acknowledged what an “incredible honor” it is to receive the A.A. Bloom Award, which serves as a tribute to the late Abe Bloom, one of the original founders of the Two Ten Footwear Foundation.

“Over the past decade, I’ve witnessed firsthand the profound impact of Two Ten’s mission—whether through disaster relief, education programs, or financial assistance, the Foundation is there when people need it most,” Kahan said. “Being part of this journey, especially during some of the industry’s most challenging moments, has been deeply meaningful. I’m proud to have played a role in strengthening Two Ten’s ability to uplift footwear families, and I look forward to seeing its continued impact for years to come.”

For this collection, Ambush creative director Yoon Ahn updates the Mary Jane and penny loafer in an unexpected way. “I am bringing everyone’s favorite styles and turning them inside out,” Ahn told FN on Thursday night at a dinner in New York City to celebrate the launch. “So, you will see more fuzzy materials. The loafers became a slide, and everything is about comfort.”

For this collection, the new Ugg Ambush Mary Jane, which retails for $250, features the Mary Jane silhouette comes in pink and white colorways and is covered in sheepskin and finished with metal and leather details.

And the Ugg Ambush Loafer, which retails for $225, is a penny loafer silhouette finished with metal and sheepskin detailing. Available in burgundy and black, the style features a slide-on back for a more casual version of the typically formal style.

“I want the collaboration to bring comfort to the reality of everyday life,” Ahn added. “Personally? I love Mary Janes and loafers and wanted to create a more relaxed version of them with Ugg. These styles are versatile and can match many looks, from casual to dressy.”

The collection is brought to life through an immersive campaign capturing the arc of a school talent show, from its practice, its little life moments, and the show. Featuring a group of four misfit teens in the four-piece offering, the campaign highlights the fleeting, yet vivid moments, of friendship, unspoken feelings, and the awkward beauty of adolescence. With brief but impactful dialogues and subtle details, these snapshots aim to transport consumers back to those raw, unforgettable teenage years, the company said.

The campaign will live on the brands’ respective social channels, e-commerce, wholesale partnerships, and a multi-pronged out-of-home approach with in-store visual experience, digital marketing, and events in key cities.

The Ugg and Ambush collaboration will be available for purchase starting Feb. 21 at Ugg.com, AmbushDesign.com, select Ugg and Ambush retail stores, and select retailers.