What Wolverine World Wide, Inc. told the SEC could break it.

Because substantially all of Wolverine's units are procured from third-party manufacturers in the Asia Pacific region, U.S. import tariffs, duties, quotas and other trade restrictions directly hit its landed cost and supply chain. Higher U.S. tariffs already partially offset 2025 gross-margin gains, and the company flags that trade restrictions can be particularly significant where it has concentrated supply chain (notably China and adverse U.S.-China trade/political relations). A realized, material trade-policy exposure on a 100%-imported product line.

“Substantially all of the units the Company sources are procured from third-party manufacturers in the Asia Pacific region. Restrictions on international trade, such as tariffs, can materially adversely affect the Company's operations and supply chain and limit the Company's ability to offer and distribute products.”

Wolverine owns no factories: in fiscal 2025 it sourced 100% of its footwear products and apparel and accessories from third-party suppliers located primarily in the Asia Pacific region, and substantially all units are procured from third-party manufacturers in that region. This outsourced, single-region model lowers cost and capex but concentrates supply risk — a disruption in Asia-Pacific manufacturing (factory closures, labor, logistics, geopolitical or trade-relations developments, especially with China) could impair the company's ability to meet customer demand. Suppliers are unnamed, so this is a third-party sourcing-concentration / sole-source-region risk rather than a named edge.

“During fiscal 2025, the Company sourced 100 % of its footwear products and apparel and accessories from third-party suppliers, located primarily in the Asia Pacific region.”