Wolverine and HanesBrands reach agreement over Champion trademarks
Footwear brand Keds has sold the Champion trademarks for footwear in the US and Canada to HanesBrands for $90 million.
Under the agreement, Keds’ parent group Wolverine Worldwide, will retain a perpetual licence to use the Champion trademark on certain types of footwear, including the Keds Champion sneaker that it says 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,” said Brendan Hoffman, Wolverine Worldwide’s chief executive. “Also, by retaining a perpetual licence, our Keds brand will continue to market and sell the iconic Keds Champion sneaker that consumers have worn and loved for generations.”
