Lands’ End and WHP Global to Form Joint Venture to Unlock the Value of Lands’ End’s Intellectual Property
Rhea-AI Summary
Lands’ End (NASDAQ: LE) and WHP Global announced a 50/50 joint venture to monetize Lands’ End intellectual property for $300 million in gross cash proceeds. Lands’ End will contribute its Lands’ End IP and license it back to the JV under a long-term exclusive license for core products with $50 million guaranteed minimum royalties in year one. Proceeds are planned to fully repay the Company’s term loan (~$234 million) and for general corporate purposes. WHP Global will lead global licensing and may offer equity swap rights for Lands’ End’s JV interest in certain monetization events. WHP will also commence a tender offer up to $100 million at $45 per share, potentially acquiring up to ~7% of outstanding stock. Closing expected in H1 2026, subject to customary conditions.
Positive
- Immediate $300M gross cash proceeds to Lands’ End
- Full repayment of ~ $234M term loan upon closing
- Guaranteed minimum royalties of $50M in year one
- 50/50 JV preserves operational control of current business
Negative
- Sale of 50% ownership of Lands’ End intellectual property
- Possible obligation to exchange JV interest for WHP equity
- WHP tender offer up to $100M could change shareholder mix
News Market Reaction
On the day this news was published, LE gained 33.52%, reflecting a significant positive market reaction. Argus tracked a peak move of +8.5% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $153M to the company's valuation, bringing the market cap to $611M at that time. Trading volume was exceptionally heavy at 11.0x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LE was down 6.46% pre-news while peers showed mixed, mostly modest moves (e.g., CAL -0.12%, GCO -2.95%, ZUMZ +1.02%, SCVL -1.2%, SFIX -2.91%), pointing to a stock-specific setup rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 05 | Conference participation | Neutral | +1.8% | Announcement of participation in the 28th Annual ICR Conference with leadership. |
| Dec 09 | Earnings results | Positive | -9.0% | Q3 2025 results with margin expansion and higher adjusted EBITDA but price fell. |
| Nov 28 | Earnings call notice | Neutral | -1.0% | Scheduling of Q3 2025 earnings conference call and webcast details. |
| Sep 09 | Earnings results | Positive | +4.9% | Q2 2025 results with margin improvement and guidance, stock reacted positively. |
| Aug 28 | Earnings call notice | Neutral | -1.4% | Announcement of Q2 2025 earnings call timing and webcast access. |
Earnings-related updates have shown mixed reactions, with one positive operating update sold off and another bid higher, while conference announcements had relatively muted impact.
Over the past six months, Lands’ End has focused investor attention on earnings performance and strategic alternatives. Q2 2025 results showed net revenue of $294.1M with improving margins and a 4.86% price gain, while Q3 2025 results delivered $317.5M revenue and higher adjusted EBITDA but were followed by a -9.02% move. Conference and call announcements in August and November 2025, plus the January ICR appearance, produced relatively small price shifts. Today’s partnership news follows that backdrop of operational improvement and ongoing strategic review.
Market Pulse Summary
The stock surged +33.5% in the session following this news. A strong positive reaction aligns with the balance sheet and capital structure shift outlined here. The JV delivers $300M in cash, enabling repayment of about $234M in term debt, while retaining a 50% interest in the IP vehicle and securing at least $50M in first-year minimum royalties. The separate $100M tender at $45 per share could further support sentiment if investors view it as a meaningful validation of intrinsic value.
Key Terms
tender offer financial
royalty payments financial
guaranteed minimum royalties financial
term loan financial
license agreement financial
AI-generated analysis. Not financial advice.
Significantly enhances stockholder value; additional upside opportunity through potential exchange of Lands’ End’s interest in Joint Venture for equity in WHP Global
Generates
Accelerates expansion of Lands’ End’s growth into new categories and geographies by leveraging WHP Global’s best-in-class platform while preserving long-term brand upside
WHP Global, a leading brand management firm with multiple offices worldwide, owns a portfolio of consumer brands in fashion, sports & hardgoods generating over
In addition, WHP Global will commence a tender offer for up to
DODGEVILLE, Wis. and NEW YORK, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) (“Lands’ End” or the “Company”) and WHP Global (“WHP Global”), a leading brand management firm, today announced an agreement to form a new joint venture (“JV”) to unlock the value of Lands’ End’s intellectual property while strengthening the Company’s balance sheet. The transaction delivers
To create the JV, Lands’ End will contribute all of its intellectual property and related assets associated with the “Lands’ End” brand, including all of the license agreements entered into in connection with Lands’ End’s licensing business, and WHP Global will pay the Company
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.
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 JV 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. The Company is optimistic that WHP Global’s platform will deliver strong returns to its stockholders and looks forward to potentially participating in its future upside.
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
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
Tender Offer by WHP Global
In addition, WHP Global will commence a tender offer for up to
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.
About Lands’ End, Inc.
Lands’ End, Inc. (NASDAQ:LE) is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. Lands’ End offers products online at www.landsend.com, through third-party distribution channels, our own Company Operated stores and third-party license agreements. Lands’ End also offers products to businesses and schools, for their employees and students, through the Outfitters distribution channel. Lands’ End is a classic American lifestyle brand that creates solutions for life’s every journey.
About WHP Global
WHP Global (www.whp-global.com) is a leading brand management platform founded in 2019 to acquire and grow consumer brands. Its portfolio includes 15+ powerful brands across fashion, sports, and hardgoods, generating over
Cautionary Notes on Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the proposed transactions by and among the Company, Lands’ End Direct Merchants, Inc., a wholly owned subsidiary of the Company (together with the Company, “Sellers”), WH Borrower, LLC (“WHP Borrower”), WHP Topco, L.P. (“WHP Topco”), LEWHP LLC, a wholly owned indirect subsidiary of WHP Topco (“WHP”) and the JV (the “Transactions”). These forward-looking statements generally are identified by the words “anticipate,” “estimate,” “expect,” “intend,” “project,” “plan,” “predict,” “believe,” “seek,” “continue,” “outlook,” “may,” “might,” “will,” “should,” “can have,” “likely,” “targeting” or the negative version of these words or comparable words. All statements, other than historical facts, including, but not limited to, statements regarding the expected timing and structure of the Transactions, the ability of the parties to complete the Transactions, the expected benefits of the Transactions, including future financial and operating results and strategic benefits, and any assumptions underlying any of the foregoing, are forward-looking statements.
These forward-looking statements are based on beliefs and assumptions made by the Company’s management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. These forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if the Company management’s underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from those described in this press release include, among others:
- uncertainties as to the timing of the tender offer and the other Transactions;
- uncertainties as to how many of the Company’s stockholders will tender their stock in the offer;
- the possibility that one or more closing conditions for the Transactions may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay, or refuse to grant approval for the consummation of the Transactions (or only grant approval subject to adverse conditions or limitations), may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of the Company may not be obtained;
- the difficulty of predicting the timing or outcome of regulatory approvals or actions, if any;
- the risk that the Transactions may not be completed on the terms or in the time frame expected by the Company or at all;
- unexpected costs, charges or expenses resulting from the Transactions;
- uncertainty of the expected financial performance of the JV following completion of the Transactions;
- the effects that a termination of the agreements governing the Transactions may have on the Company, including the possibility that there could be fluctuations in the trading price of the Company’s common stock as a result of the announcement, pendency or consummation of the Transactions;
- risks related to the Company’s ability to realize the anticipated benefits of the Transactions, including the possibility that the expected benefits from the Transactions will not be realized or will not be realized within the expected time period;
- the ability of the JV to implement its business strategy;
- the effects of the Transactions on relationships with employees, other business partners or governmental entities;
- negative effects of this announcement, the pendency or the consummation of the Transactions on the market price of the Company’s common stock and/or the Company’s operating results, including current or future business;
- risks associated with potential significant volatility and fluctuations in the market price of the Company’s common stock;
- significant transaction costs;
- risks relating to the occurrence of an IPO, change of control or significant asset sale of WHP Topco (an “exchange event”), which is out of the Company and its stockholders’ control, to realize value from the Company’s exchange rights, and the possibility that such exchange event may never occur, or if it does occur, the possibility that it occurs on unfavorable terms, including economic terms;
- the possibility that one or more of the agreements governing the Transactions may contain provisions that are difficult to enforce and the possibility of legal disputes between Sellers and WHP Topco and its affiliates that could delay realization of the full benefits of the Transactions;
- the possibility that any exchange event could be structured in a manner and on terms and conditions that are disadvantageous to the Company and its stockholders;
- the possibility that the contribution of the Company’s intellectual property into the JV may not achieve the anticipated results, particularly if such intellectual property is not monetized effectively;
- the risk that WHP Global’s past performance may not be representative of future results;
- uncertainties relating to the JV’s ability to maintain the Company’s brand name and image with customers;
- uncertainties relating to the JV’s ability to respond to changing consumer preferences, identify and interpret consumer trends, and successfully market new products;
- uncertainties regarding the Company’s and the JV’s focus, strategic plans and other management actions;
- the risk that stockholder litigation in connection with the Transactions or other litigation, settlements or investigations may affect the timing or occurrence of the Transactions or result in significant costs of defense, indemnification and liability;
- the occurrence of any event that could give rise to termination of the Transactions;
- risks related to the disruption of management time from ongoing business operations due to the pendency of the Transactions, or other effects of the pendency of the Transactions on the relationship of any of the parties to the transaction with their employees, customers, suppliers, or other counterparties;
- global economic, political, legislative, regulatory and market conditions (including competitive pressures), evolving legal, regulatory and tax regimes, including the effects of tariffs, inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail market in the United States and around the world and the impact of war and other conflicts around the world; and
- other factors, including those set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent Quarterly Reports on Form 10-Q.
Additional Information and Where to Find It
The tender offer described in this press release has not yet commenced. This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Company, nor is it a substitute for any tender offer materials that WHP or the Company will file with the SEC. A solicitation and an offer to buy shares of the Company will be made only pursuant to an offer to purchase and related materials that WHP intends to file with the SEC. At the time the tender offer is commenced, WHP will file a Tender Offer Statement on Schedule TO with the SEC, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE COMPANY’S SECURITY HOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be sent to all stockholders of Lands’ End at no expense to them. The Tender Offer Statement and the Solicitation/Recommendation Statement will be made available for free at the SEC’s website at www.sec.gov. Additional copies may be obtained for free by contacting WHP, Lands’ End or the information agent for the tender offer, which will be named in the Tender Offer Statement. Copies of the documents filed with the SEC by Lands’ End may be obtained at no charge on Lands’ End internet website at www.landsend.com or by contacting Lands’ End at Legal Department, 5 Lands’ End Lane, Dodgeville, Wisconsin 53595, Attention: Secretary. Copies of the documents filed with the SEC by WHP may be obtained at no charge by contacting WHP at 530 Fifth Avenue, 12th Floor, New York, New York 10036.
Contacts
Lands’ End, Inc.
Bernard McCracken
Chief Financial Officer
(608) 935-4100
Investor Relations:
ICR, Inc.
Tom Filandro
(646) 277-1235
Tom.Filandro@icrinc.com
Media:
FGS Global
Andy Duberstein/Emily Claffey/Hayley Cook
LandsEnd@fgsglobal.com
WHP Global
EJ Media Group
Jaime Cassavechia
jaime@ejmediagroup.com
Sources: Lands’ End; WHP Global
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c953e841-f4af-4415-8541-dbd062563376
FAQ
What transaction did Lands’ End (LE) and WHP Global announce on January 26, 2026?
How will Lands’ End use the $300 million proceeds from the WHP deal?
What are the royalty terms between Lands’ End and the new JV (LE)?
What is WHP Global’s tender offer for Lands’ End shares and how much could it acquire?
When is the Lands’ End and WHP Global transaction expected to close?
