HanesBrands Selling off Champion Brand to Authentic for $1.2 Billion
- Consumer Goods & Services
Fallon Wolken
- 0
- 2 minutes read
HanesBrands is offloading its global Champion brand, which is being acquired by Authentic Brands Group in a $1.2 billion deal (or up to $1.5 billion if Champion meets performance thresholds).
HanesBrands CEO Steve Bratspies said the transaction is part of a three-year strategy to optimize operations and financial performance.
Global Champion sales decreased 25% in Q1. In the recent call with investors, Bratspies said the company was focused on building brand heat and marketplace segmentation for Champion to position it for long-term profitable growth.
The transaction is expected to finalize in the second half of 2024. Authentic Brands will be adding the brand to an existing portfolio that includes a variety of clothing brands, including Aeropostale, Eddie Bauer, Forever 21, and Ted Baker.
