Wolverine World Wide, one of the world’s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport and athletic footwear and apparel, has announced that its wholly-owned subsidiary Keds has sold the Champion trademarks for footwear in the United States and Canada to its longtime licensee, Hanes Brands Inc, for US$90 million in cash.
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 Brendan Hoffman, Wolverine Worldwide’s president and CEO. “Also, by retaining a perpetual license, our Keds brand will continue to market and sell the iconic Keds Champion sneaker that its consumers have worn and loved for generations.”
Wolverine Worldwide is also the global footwear licensee of the popular brands Cat and Harley-Davidson. Based in Rockford, Michigan, for more than 130 years, the company’s products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories.
This acquisition completes Hanes Brands' ownership as, already in 2016 the holding had acquired the Champion Europe division. With this additional purchase Hanes owns the brand entirely.