Hanesbrands cuts Champion loose

A new chapter begins. An incredible amount of gratitude to the teams that have been working together to make this happen, and to all those who wear the champion jersey that have been focused on build brand desire, repositioning our segmentation and channel strategy, and pushing our business forward. The most storied sports brand will join the best sports and entertainment organization. Read more on the agreement to sell Champion to Authentic Brands Group Thank you to my team who have been amazing through this process. Neal Taylor Jonathan Aves Rick Elmore Lorenzo Moretti John Fryer Yoichi Oikawa Delphine Dennis Maria Teza Megan Stowell Laura Favret Harris Henderson Sarah Flynn

Hanesbrands Inc. is selling the Champion brand to Authentic Brands Group in a deal valued at $1.2 billion. The company announced it was weighing its options for Champion last September, while the activewear brand consistently weighed on the company's bottom line. Industry analysts see the deal as a bright spot for HanesBrands. The deal allows the company to focus on its innerwear segment, which it plans to boost this fiscal year, and it will use some of the proceeds from the transaction to pay down debt. Read more on Fashion Dive:

HanesBrands said on Wednesday it would sell its sportswear brand Champion to Authentic Brands Group in a deal valued at $1.2 billion, as the company looks to streamline business and focus on its innerwear categories. Shares of HanesBrands surged 15.6 percent in premarket trading. The deal could reach up to $1.5 billion through an additional contingent cash consideration of up to $300 million based on achievement of performance thresholds. Read the full story at BoF.

Hanesbrands ditching it's iconic athletic wear division. Who doesn't have a Champion label in their wardrobe?

HanesBrands said on Wednesday it would sell its sportswear brand Champion to Authentic Brands Group in a deal valued at $1.2 billion, as the company looks to streamline business and focus on its innerwear categories. Shares of HanesBrands surged 15.6 percent in premarket trading. The deal could reach up to $1.5 billion through an additional contingent cash consideration of up to $300 million based on achievement of performance thresholds. Read the full story at BoF.

A big day for the Champion brand. I’ve told anyone who will listen that it’s an amazing brand with an incredible story to tell and huge global potential. Congratulations to Authentic Brands Group , you have another great brand to join family alongside my friends at Reebok Big kudos and gratitude to the Hanesbrands Inc. team that made this possible. Still a long journey ahead but I am very energized by what comes next. https://lnkd.in/erENnE9y Champion Europe Group Lorenzo Moretti Vanessa LeFebvre Jonathan Aves John Fryer Yoichi Oikawa Sarah Flynn Richard Mcleod Rick Elmore Maria Teza Brian Brauntuch John McNamara Todd Krinsky

Today, we begin a new chapter at Hanesbrands Inc. in which we can extend our leadership in innerwear. We’ve reached an agreement to sell the intellectual property and certain operating assets of our global Champion business to Authentic Brands Group, maximizing the value for Champion and best positioning HanesBrands for long-term success. Thank you to our teams around the world who continue to serve our customers and consumers every day. I invite you to view the details of the transaction in our press release, which I've linked to in the comments.

HanesBrands announces expected sale of global Champion brand to Authentic Brands Group for $1.2 billion that is a blow not only financially — Champion represents about $2B of its $5.6B in fiscal 2023 sales — but also symbolically, since it is HanesBrands’ top activewear brand.