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US' HanesBrands sells Champion Brand to Authentic Brands Group

01 Oct '24

2 min read

Pic: Adobe Stock

Insights

HanesBrands Inc has announced the sale of its global Champion business' intellectual property and certain assets to Authentic Brands Group.
CEO Steve Bratspies highlighted the transaction as a key step in simplifying the company, with plans to pay down $1 billion of debt in late 2024.
HanesBrands aims for topline growth, margin expansion, and improved shareholder returns.

HanesBrands Inc (NYSE: HBI), a global leader in iconic apparel brands, announced that it has completed the sale of the intellectual property and certain operating assets of the Company’s global Champion business to Authentic Brands Group (“Authentic”).

“Today marks a major milestone on our journey to strengthen and simplify our business and is the culmination of a significant team effort to position HanesBrands on the optimal path for the future,” said Steve Bratspies, CEO. “With the successful completion of this transaction, combined with our internal cash generation, we expect to pay down approximately $1 billion of debt in the second half of 2024. Looking ahead, we believe we are well-positioned to generate strong shareholder returns over the next several years through topline growth, margin expansion, double-digit earnings per share growth, and further deleveraging of our balance sheet.”

Mr. Bratspies concluded, “I’d like to express my gratitude to the global Champion team for their contributions. We wish them well as the Champion brand writes the next chapter of its storied journey.”

The Company is providing additional details on a Form 8-K that has been filed with the U.S. Securities and Exchange Commission and is available on the Company’s investor relations website.