Sweaty Betty is undergoing a restructuring process that will see the departure of its CEO and COO’s departure two years after the company was acquired by American footwear manufacturer Wolverine Worldwide.
CEO Julia Straus, who has been with the company for five years and helped triple its growth, will depart to move back to the United States with her family. She will remain in her role until June to assist in the selection of her successor and ensure a smooth transition period.
COO Mark Smith, on the other hand, has decided that this year is the “right time to leave Sweaty Betty to pursue new opportunities.”
“Mark joined the business in 2011 and has overseen a retail expansion of the brand from 15 stores to 90 plus stores in that time and a tenfold growth in revenue,” the company said in the statement. “Mark will also stay in position over the summer to oversee the interview process for his successor and an extremely smooth transition overall.”
To date, Sweaty Betty operates 65 stores across the U.K. and has established its position in the market as an alternative to lululemon. Wolverine acquired the company in 2021 to expand into the athleisure market just as demand for casual clothing surged during the pandemic.
“Sweaty Betty’s expertise and focus on apparel, female consumers, and best-in-class digital execution has proven to be a winning combination,” said Wolverine. “We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio.”
Photo credit: Sweaty Betty