Overview
- WHP Global will pay $300 million for a 50% stake in a new entity that will hold Lands’ End trademarks and related intellectual property.
- Lands’ End will license back the brand under a long-term agreement with guaranteed minimum royalties starting at $50 million in the first year.
- The company keeps control of its direct-to-consumer and B2B operations as WHP leads global licensing through a platform spanning 80+ countries and 225+ partners.
- WHP plans a tender offer for up to $100 million of Lands’ End shares at $45 per share, which could leave it holding up to about 7% of the stock.
- In certain WHP monetization events, Lands’ End may exchange its JV interest for WHP equity, and both the JV and tender remain subject to customary closing conditions.