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Authentic Brands Group, a global brand development, marketing, and entertainment platform, has signed a binding agreement to purchase the Champion Athleticwear brand and business from HanesBrands.
According to Authentic, the “strategic” move demonstrates its commitment to expanding its portfolio of sports, lifestyle, entertainment and media brands and will increase its system-wide annual retail sales to more than $32bn worldwide.
Champion currently operates in more than 90 countries, with more than 40% of its business hailing from outside North America.
Authentic plans to leverage its platform of consumer verticals, along with its expertise in brand-building, to convert the Champion business into a licensed model.
The company is also in discussions with several existing and potential operators in key regions to manage the manufacturing, physical retail, e-commerce and wholesale operations of the business and maintain the brand’s global footprint.
The acquisition of Champion is subject to certain standard closing conditions, including regulatory approval, and is expected to be finalised in the second half of 2024.
Jamie Salter, chairman and chief executive officer of Authentic, said: “We are excited to acquire Champion, a brand that shares our pioneering spirit. Over the last few years, the addition of new brands together with the expansion of live events has grown Authentic into a world leading sports and entertainment licensing company. Bringing Champion into the fold further expands our position in this space.”
Nick Woodhouse, president and chief brand officer of Authentic, added: “Our successful efforts igniting Reebok’s momentum in sports have created a playbook to achieve a similar feat with Champion.
“With expansive reach, differentiated channel strategy and a balanced strength across its women’s and men’s businesses, Champion has profoundly influenced sports culture. This is the perfect time for the brand to make a significant impact as Women’s sports continue to broaden their presence and fandom worldwide.”
