Wolverine Worldwide sells Champion trademarks
Wolverine Worldwide has today announced that Keds LLC, its wholly-owned subsidiary, has sold the Champion trademarks for footwear to longtime licensee HanesBrands for £74 million in cash.
Under the agreement, Wolverine Worldwide retains a perpetual license to continue using the Champion trademark on certain footwear, including the Keds Champion trainer that has been a mainstay of its Keds brand for decades. The transaction also successfully resolves outstanding litigation between the parties.
The company’s portfolio also includes Merrell, Saucony, Sweaty Betty, Sperry, Hush Puppies and Stride Rite. Wolverine Worldwide is also the global footwear licensee of Cat and Harley-Davidson.
Brendan Hoffman, Wolverine Worldwide’s President and Chief Executive Officer, commented: “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. 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.”