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Keds sells Champion trademarks for footwear to HanesBrands

By Prachi Singh

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Business

Image: Keds, Facebook

Wolverine World Wide, Inc. has announced that Keds, LLC, its wholly-owned subsidiary, has sold the Champion trademarks for footwear in the United States and Canada to its longtime licensee, HanesBrands Inc, for 90 million dollars in cash.

“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 chief executive officer.

Under the agreement, the company said in a release, Wolverine Worldwide retains a perpetual licence to continue using the Champion trademark on certain footwear, including the Keds Champion sneaker that has been a mainstay of its Keds brand for decades.

The company added that the transaction also resolves outstanding litigation between the parties.

“Also, by retaining a perpetual licence our Keds brand will continue to market and sell the iconic Keds Champion sneaker that its consumers have worn and loved for generations,” added Hoffman.

Champion
HanesBrands
Keds
Wolverine Worldwide