Champion Sells For Over $1 Billion
It’s been reported that Authentic Brands Group have agreed to purchase from Hanesbrand for just over $1 billion, following a weeks-long bidding war. ‘Champion agreed to be acquired by ABG last Friday or Monday,’ an unnamed source told . 'They should close around the end of May or early June.’
Hanesbrand, who also owns brands like Jockey and Bonds, originally put one of their biggest brands up for sale last year, looking for a minimum price of $1.4 billion. Champion's sales have been falling over the past few years, with their global sales decreasing by 23 percent in Q4, which was blamed on strategic changes and a competitive market for sport and sportstyle companies. This sale to Authentic Brands Group, who also own DC Shoes, Reebok and Vision Streetwear, will further help the finances of Hanesbrand, whose revenue in 2023 was down almost 10 per cent when compared to the previous year.
Champion was originally founded in 1919 by the Feinbloom brothers in Rochester and was known as the Knickerbocker Knitting Company. In the 1930s, they changed to Champion Knitting Mills and crafted sweatshirts, hoodies and other athletic apparel. Throughout the following years, Champion supplied uniforms for an abundance of sports teams around the globe and the US Military Academy.
While no formal agreement has been signed between Authentic Brands Group and Hanesbrand, it’s been said that one may be signed as early as next week.