- Wolverine World Wide Inc (NYSE:WWW) subsidiary, Keds LLC, has sold Champion trademarks for footwear in the U.S. and Canada to its longtime licensee, HanesBrands Inc (NYSE:HBI), for $90 million in cash.
- Under the agreement, Wolverine Worldwide will retain a perpetual license to continue using the Champion trademark on certain footwear, including the Keds Champion sneaker.
- The transaction also successfully resolves outstanding litigation between the parties.
- "This transaction represents a unique opportunity to simplify our business model while at the same time securing a significant amount of cash at a meaningful multiple of future expected royalty streams," said CEO Brendan Hoffman.
- Wolverine held $149.6 million in cash and equivalents as of April 2, 2022. HanesBrands held $369.2 million in cash and equivalents.
- Price Action: WWW shares closed lower by 1.13% at $20.16 on Thursday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Wolverine Worldwide Sells Champion Trademarks To HanesBrands For $90M Cash
Champion (Organization)
Wolverine (Organization)
Hanesbrands
KEDS
NYSE
WWW
Hanesbrands Inc
United States
Canada
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks