The sale is expected to be finalized in the second half of 2024.
HanesBrands has announced the sale of its Champion brand to Authentic Brands Group (ABG) in a deal valued at $1.2 billion USD, with the potential to reach $1.5 billion USD through an additional $300 million in cash, contingent on the brand reaching certain performance thresholds.
The sale is part of HanesBrands’ strategic plan to concentrate on its core underwear business, which includes other prominent brands such as Hanes, Bonds, Maidenform, and Bali. This decision follows a significant decline in Champion’s sales, including a 17% year-over-year decrease in Q1, prompting HanesBrands to explore strategic alternatives for the brand.
For Authentic Brands Group, which already owns brands like Aeropostale, Eddie Bauer, and Forever 21, the acquisition of Champion represents an opportunity to strengthen its position in the sportswear market.
HanesBrands expects to receive net proceeds of approximately $900 million USD from the sale. These funds will be used to reduce the company’s debt and invest in improving supply chain operations for its underwear business. The sale is expected to be finalized in the second half of 2024.
The company purchased the intellectual property of the British shoe brand Hunter Boot Limited.
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