The pairing of HanesBrands Inc. and Authentic Brands Group for the sale of Champion had been rumored since Nov. 1, as part of maximizing shareholder value by exploring various alternatives.
The sale of Champion, representing about $2 billion in fiscal 2023 sales for HanesBrands, is viewed as not only a financial hit but also a significant symbolic loss as its top activewear brand.
HanesBrands CEO, Bill Simon, highlighted the sale of Champion as a strategy to maximize value and position the company for long-term success, focusing on debt reduction and growth through innerwear brands.
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