Wolverine announces 25% increase in Q1 earnings – brushes off leather supply worries
23/04/2001
CEO Timothy O'Donovan said he expected rising cowhide costs to increase shoe prices by $1 per pair and boot prices $2 per pair. However, he was also quick to point out that fluctuating cowhide prices have long been a feature of the footwear industry and that in any case, with its own pigskin tanneries, Wolverine could switch to pigskin or other materials for at least one-third of its production. In fact, he thought Wolverine could benefit from selling pigskin to other shoemakers such as New Balance Athletic Shoes. "When we see leather make a move of this magnitude we see people looking to use our performance suedes," he said.
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