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Wolverine World Wide sells Sebago to Italy's BasicNet

U.S. footwear company Wolverine World Wide Inc. said July 31 that it has sold its Sebago shoe range to Italian footwear and accessories company BasicNet SpA for an undisclosed sum.

The company said the deal is part of a strategic initiative to trim its portfolio and focus on a fast-evolving consumer and global marketplace.

BasicNet owns brands including Kappa, K-way and Superga, among others.