Corrects name of company in first paragraph to Authentic Brands Group, not Authentic Brands Global
By Abigail Summerville
July 2 (Reuters) - Brand management companies Authentic Brands Group and WHP Global have submitted bids to acquire apparel retailer Lands’ End LE.O, according to two people familiar with the matter.
Lands’ End, known for its casual sweaters and other apparel, announced in March that it was exploring different strategic alternatives, including a potential sale, to maximize value for shareholders. The company is working with investment bank Perella Weinberg Partners.
Before this report, the company was trading at nearly $11 per share for a roughly $360 million market capitalization on Wednesday.
Lands’ End, WHP and Authentic declined to comment.
Department store chain Sears used to own Lands’ End until it spun it off in 2014. The company predominantly sells its products online and has faced a slowdown in demand for its classic lifestyle outfits that include swimwear, outerwear, accessories and footwear.
Brand management firms like Authentic and WHP typically buy a brand's IP and then license it to operating partners which have the manufacturing, design and sales responsibilities.
Authentic’s brand portfolio includes Reebok and Champion while WHP owns Toys"R"Us and Vera Wang.
(Reporting by Abigail Summerville in New York: Editing by Dawn Kopecki and Chizu Nomiyama)
((abigail.summerville@thomsonreuters.com))
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