Authentic Brands Group, which also owns brands like Reebok, has a new champion. After weeks of bidding, the group has managed to buy sports brand Champion.
Less than hoped for
The fashion group is said to have paid a billion euros for Champion, WWD reports. ABG itself did not yet confirm the news. The current owner, HanesBrands, had put Champion up for sale last year, hoping to earn 1.4 billion in the process, but apparently has to settle for a bit less.
Authentic Brands Group has been steadily expanding its sports brand portfolio for years, including acquiring Reebok, Quiksilver and Forever 21. In Europe, the group did have to file for bankruptcy recently for subsidiary Ted Baker, although that would have been mainly due to problems with the European licence holder.
