ROCKFORD, Mich. — June 30, 2022 — Wolverine World Wide Inc. today 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 in cash.
Under the agreement, Wolverine Worldwide retains a perpetual license 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 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.”
Posted: July 5, 2022
Source: Wolverine World Wide Inc.