Lands’ End and WHP Global are forming a joint venture, with the brand management firm paying $300 million in cash to acquire a 50 percent stake in the casual apparel brand.

To create the joint venture, Lands’ End reported that it will sell to WHP Global the rights to all its intellectual property and related assets, including all license agreements entered in connection with Lands’ End’s licensing business. WHP Global will lead the JV’s global licensing strategy and brand expansion, while Lands’ End will retain full operational control of its existing direct-to-consumer and B2B businesses.

Upon closing, the JV will be owned 50/50 by Lands’ End and WHP Global.

Lands’ End intends to use proceeds from the sale to, among other things, fully repay its outstanding term loan, which was approximately $234 million as of January 26, 2026, and for general corporate purposes.

WHP Global’s licensing platform is expected to “accelerate category expansion, improve partner selection, and enhance long-term royalty generation for the brand. Lands’ End’s existing customers, products, channels and brand presentation will remain unchanged as a result of the transaction.”

WHP Global, a brand management firm with multiple offices worldwide, owns a portfolio of consumer brands in fashion, sports and hard goods, generating over $8 billion in retail sales post-closing in over 80 countries.

Additionally, in certain WHP Global monetization events, such as a qualifying public listing or majority sale, Lands’ End may have the right, and in some cases, be obligated to, exchange its interest in the the joint venture for equity in WHP Global, at the same valuation multiple as the WHP monetization event, allowing stockholders to participate directly in WHP Global’s future value creation. Lands’ End said it “is optimistic that WHP Global’s platform will deliver strong returns to its stockholders and looks forward to potentially participating in its future upside.”

Executive Commentary
Josephine Linden, chair of the Lands’ End Board of Directors, said, “This joint venture represents a fantastic opportunity for Lands’ End and will enable an even brighter future for the Company and brand. After carefully reviewing the full range of strategic alternatives available to the Company, the Board determined that this structure delivers Lands’ End stockholders superior long-term, risk-adjusted value by combining immediate balance sheet strength with retained upside and operational continuity. We look forward to working with WHP Global to capture the great opportunity ahead.”

Andrew McLean, chief executive officer of Lands’ End, commented, “Partnering with WHP Global in this way is clear recognition of the enduring value of Lands’ End’s extraordinary brand and provides a unique opportunity to supercharge the Lands’ End licensing business. This delivers compelling value for stockholders and enhances the trajectory of this legendary American brand.”

McLean continued, “Our team’s relentless focus on delivering customers the innovative solutions they need, while staying true to our roots, has driven high-quality sales, deepened brand loyalty, and created a platform that serves individuals, families, schools and businesses of all sizes. With a strengthened balance sheet, Lands’ End will be well positioned to execute on opportunities to drive growth and stockholder value, particularly across our direct-to-consumer and B2B businesses.”

Yehuda Shmidman, founder, chairman & CEO of WHP Global, said, “Lands’ End has a rich heritage and deeply loyal customer base. We see significant opportunity to expand the reach of the Lands’ End brand both in the U.S. and globally by leveraging WHP Global’s platform, which today spans 80+ countries, 225+ license partners, and, post-close, a portfolio generating more than $8 billion in global retail sales. We look forward to partnering with the Lands’ End team to unlock the brand’s next chapter of growth.”

Additional JV Details
A wholly owned subsidiary of Lands’ End will enter into a long-term license agreement with the JV, under which Lands’ End will continue to operate its existing business using the contributed intellectual property in exchange for royalty payments (including guaranteed minimum royalties). The license is exclusive with respect to Lands’ End’s core existing products and business, and non-exclusive with respect to certain other products and fields. The license agreement will have guaranteed minimum royalty payments per year starting at $50 million for the first year, with customary provisions for each year thereafter. Any excess cash generated by the JV over a minimum cash balance, including royalties collected by the JV under the license agreement and from other licensees, will be distributed to WHP Global and Lands’ End on a quarterly basis, based on the ownership split.

Tender Offer by WHP Global
WHP Global will commence a tender offer for up to $100 million of Lands’ End shares at a price of $45.00 per share. The tender offer will be subject to proration if oversubscribed and will be conditioned on the closing of the IP transaction. As a result of the tender offer, WHP Global is expected to own up to 7 percent of Lands’ End’s outstanding shares of common stock.

Timing
The transactions are expected to close during the first half of 2026, subject to regulatory approvals and other customary closing conditions.

Advisors
Perella Weinberg Partners serves as financial advisor to Lands’ End, and Wachtell, Lipton, Rosen & Katz serves as legal advisor. Morgan Stanley & Co., LLC serves as financial advisor to WHP Global, and Kirkland & Ellis LLP serves as legal advisor. Morgan Stanley Senior Funding, Inc., provided committed debt financing to support the acquisition.

Image courtesy Lands End