Iconic sportswear brand Champion has been acquired by Authentic Brands Group from Hanes in a transaction potentially worth $1.5 billion, according to CNN. Authentic Brands Group owns other well-known fashion brands Reebok, Forever 21, and Quiksilver.
Known for its versatile apparel selections and underwear, Hanesbrands divestment in the Champion brand comes at a time when the company has been working to reduce expenses, according to CNN.
Champion has seen a renaissance in recent years as Millennials and Gen Z have flocked to the brand out of appreciation for fondness for the vintage sportswear aesthetic.
Despite this renewed growth, Champion's revenues in the U.S. fell by 30% last year, according to CNN. Hanesbrands attributed these declines to "challenging activewear apparel market dynamics” and a surplus of stock that adversely affected earnings.
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