Authentic Brands Group agrees to buy Champion
The New York-based brand management company has reached an informal agreement to buy the Champion label from HanesBrands for a little more than 1 billion US dollars
According to WWD, Authentic Brands Group (ABG) has agreed to buy the sportswear label Champion from HanesBrands for just over 1 billion US dollars. No formal agreement has been signed yet, but there’s a chance something could be put in writing next week.
“Champion agreed to be acquired by ABG last Friday or Monday,” said a source knowledgeable about the negotiations as quoted by the magazine. “They should close around the end of May or early June”.
The agreement brings to an end a weeks-long bidding process that included Delta Galil, Sycamore Partners, G-III Apparel and WHP Global. The same sources warned that ABG’s purchase could result in thousands of employees worldwide losing their jobs, as the management company will outsource much of the manufacturing, design, logistics and operation of the label’s various components.
HanesBrands put its second-largest label up for sale last year after it saw Champion sales stumbled for the past two years. This sale is expected to improve the company’s finances, as it ended last year with a debt of 3.1 million US dollars.
Image Credits: https://www.londondesigneroutlet.com/
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