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Authentic Brands Group has announced that it has finalised the acquisition of athleticwear brand Champion in a $1.2bn (£899m) deal.
As the second-largest brand acquisition in Authentic’s history behind that of Reebok, Champion generates nearly $3bn (£2.2bn) in global retail sales annually.
Authentic is set to expand Champion’s global presence by building on “its legacy as a trailblazer in athleticwear”.
Under Authentic’s stewardship, Champion’s long-term US collegiate apparel business will be carried forward under a new licence granted to GearCo, which will be managed and operated by Ames Watson with Fanatics as an investor.
Jamie Salter, founder, chairman and CEO of Authentic, said: “Champion has set the standard for quality and innovation for over a century. This acquisition marks a significant milestone, not just for Champion, but for Authentic as well.
“With the strong backing of our partners at GearCo, BBC and AMG Companies, we’re in a prime position to accelerate Champion’s growth globally. Together, we’ll honour its rich heritage while driving innovation and expanding its reach to new markets and consumers. We look forward to shaping the future of this iconic brand.”
Tom Ripley and Lawrence Berger, partners and co-founders at Ames Watson, added: “Ames Watson is thrilled to partner with Authentic Brands Group to build on Champion’s incredible legacy. Our deep expertise in apparel and operations, especially in the collegiate market, makes this a perfect fit. We’re excited to leverage our strengths to further elevate the Champion brand.”
