According to Lois Sakany (footwear industry analyst) and Business Wire, Authentic Brands Group today entered into a definitive agreement to acquire the global Champion business. The transaction was valued at 1.2 billion dollars, with the potential to reach 1.5 billion dollars based on certain contractual conditions and performance thresholds.
Pantie brand Hanes has sold Champion to Authentic Brand Group for $1.2B. pic.twitter.com/I39QHZS62L
HanesBrands, the current owner of the Champion brand and a global leader in the apparel industry, announced today that it has finalized an agreement to sell the intellectual property and certain operating assets of the global Champion business. The brand will be sold to Authentic Brands Group, with the transaction valued at up to 1.5 billion dollars.
This agreement, which was unanimously approved by the HanesBrands Board of Directors, marks the successful completion of the company’s previously announced review of a range of strategic options for the global Champion business.
The transaction is expected to be completed in the second half of 2024. After the transaction is finalized, HanesBrands will provide certain transition services for Champion. These services will include operating the business in certain regions for a transition period.
HanesBrands has made significant progress in recent years in relaunching its underwear business. The company has also prioritized increasing its market share and attracting younger consumers. Last but not least, it has sought to streamline its operating model. After the transaction is completed, the company intends to focus on expanding its leading position in the "innerwear" category.
HanesBrands Inc is a leader in everyday apparel. They are known for comfort, quality, and affordable prices.
Among the company’s iconic brands are Hanes, the leading basics apparel brand in the United States; Champion, an innovator at the intersection of lifestyle and athletic wear; Bonds, which is setting new standards in design and sustainability; Maidenform, America’s number one shapewear brand; and Bali, the number one bra brand in the United States.
HanesBrands has over 50,000 employees in approximately 30 countries. The company has built a strong reputation for the quality of its workplace and its business practices. It is a long-standing leader in sustainability, setting aggressive goals for 2030 to improve people’s lives, protect the planet and produce a range of sustainable products.
The company was founded in 1901 by John Wesley Hanes and Pleasant Henderson Hanes. In the beginning, they produced socks and underwear. Today, it generates more than 7 billion dollars in annual revenue.
Authentic Brands Group LLC is an American brand management company based in New York City. They own various clothing, athletic, and entertainment brands, some in partnership with other companies for licensing and marketing.
Among the company’s flagship brands are Tapout, one of its first labels; Sports Illustrated, an American sports magazine; Volcom, the number one brand for “boardsports” enthusiasts; and Forever 21, a fast-fashion retailer with over 500 stores.
Authentic Brands Group has fewer than 500 employees, with offices in approximately 5 countries. Even so, the group operates more than 50 popular brands. They also own the rights to Muhammad Ali, Elvis Presley and Marilyn Monroe.
The company was founded in 2010 by Jamie Salter. At the beginning, he invested 250 million dollars in the business. Currently, it generates over 20 billion dollars annually.
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Vlad Ciutacu is a writer based in The Hague, Netherlands. He has been working in the footwear industry for more than a decade, with hundreds of pairs in his collection. His favourite models are the Air Jordan 1 and the Nike SB Dunk Low Pro. Find him on Facebook, Twitter, and Instagram.
