HanesBrands Completes Sale of Champion Business to Authentic Brands Group
HanesBrands, a leader in iconic apparel, has officially completed the sale of its global Champion business’s intellectual property and certain operating assets to Authentic Brands Group (“Authentic”).
“This is a significant milestone in our efforts to streamline and strengthen our business,” said CEO Steve Bratspies. “This transaction is the result of a dedicated team effort and positions HanesBrands for future growth. With this sale and our ongoing cash generation, we anticipate reducing our debt by approximately $1 billion in the second half of 2024. We believe we are set to deliver strong shareholder returns in the coming years through revenue growth, improved margins, and double-digit earnings per share growth.”
Bratspies expressed his appreciation for the Champion team’s contributions and extended best wishes as the brand embarks on its next chapter.
For more details, the Company has filed a Form 8-K with the U.S. Securities and Exchange Commission, available on its investor relations website.
Advisors:
Goldman Sachs & Co. LLC and Evercore acted as financial advisors to HanesBrands, while Kirkland & Ellis LLP and Jones Day served as legal advisors.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements as defined under U.S. federal securities laws. These statements may include terms like “may,” “believe,” “expect,” and similar expressions. They address future expectations and potential benefits of the Champion business sale, including plans for debt reduction.
However, such statements are subject to risks and uncertainties that could lead to actual outcomes differing significantly from those expressed. Risks include execution challenges, market trends, geopolitical events, health crises, and financial performance uncertainties. For a comprehensive list of risks, please refer to our most recent SEC filings, including the annual report on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements reflect our views only as of the date made, and HanesBrands has no obligation to update them unless required by law.
