Wolverine Worldwide Sells Champion Trademarks
Brandora Editorial Staff - July 2022Transaction includes a perpetual license for the Company to continue using the trademarks on its Keds Champion footwear
Wolverine World Wide, Inc. sold its Keds, LLC subsidiary, 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. The sale gives HanesBrands full control of the Champion brand for footwear. It bought Champion Europe in 2016.
“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. “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.”