Keds sells Champion trademarks for footwear to HanesBrands
Wolverine World Wide has announced that its Keds footwear brand has sold the Champion trademarks for footwear in the US and Canada to its longstanding licensee HanesBrands in a $90 million deal.
Under the agreement, Wolverine Worldwide will retain a perpetual license to continue using the Champion trademark on certain footwear items, including the Keds Champion sneaker that has been a mainstay of its Keds brand for decades. Wolverine said the move will also successfully resolve outstanding litigation between the parties.
Brendan Hoffman, Wolverine Worldwide’s president and chief executive, said: “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.”
