Basic apparel maker HanesBrands, Inc. (HBI) Thursday said it has entered into a strategic multi-year license agreement for Champion and C9 Champion Outerwear with G-III Apparel Group, Ltd. (GIII).
In pre-market activity on Nasdaq, G-III Apparel shares were gaining around 14.5 percent to trade at $22.10.
The deal includes design, production and distribution of outerwear for the Champion and C9 Champion brands in North America. The companies will also seek exploring opportunities across Champion's global network as a key partner.
Champion offers a full line of innovative athletic apparel for men and women, including activewear, sweats, tees, sports bras, team uniforms, footwear and accessories.
Vanessa LeFebvre, President, Global Activewear, said, "G-III's proven track record in category expansion and their best-in-class global infrastructure will enable us to reach a wider consumer base who already are, or will soon become, loyal to the Champion brand for generations. … This partnership creates a significant opportunity to leverage G-III's expertise in the outerwear category and their diversified distribution network, which will enable us to extend our offerings and support the brand's lifestyle proposition."
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