JV will accelerate expansion of Lands’ End’s growth into new categories, channels, and internationally, by leveraging WHP Global’s best-in-class platform
$300M in gross proceeds to Lands’ End enables full repayment of term loan debt, greatly reducing interest expense and significantly strengthening the Company’s balance sheet to deliver strategic flexibility and optionality to enhance stockholder value
Lands’ End stockholders have additional upside opportunity through potential exchange of Lands’ End’s interest in Joint Venture for equity in WHP Global
Lands’ End to host enhanced first quarter fiscal 2026 results conference call in June providing multi-year financial framework
DODGEVILLE, Wis. and NEW YORK, April 01, 2026 -- Lands’ End, Inc. (NASDAQ: LE) (“Lands’ End” or the “Company”) and WHP Global (“WHP Global”) today announced the successful creation of their joint venture (“JV”), marking a transformative step forward in the Company’s long-term growth strategy. The JV is designed to unlock the value of the Lands’ End brand while materially enhancing the Company’s financial position and strategic flexibility.
Pursuant to the transaction agreement, Lands’ End contributed all of the intellectual property and related assets associated with the Lands’ End brand, including the license agreements entered into in connection with Lands’ End’s licensing business, to the JV, and received $300 million in cash from WHP Global for a 50% controlling interest in the JV. WHP Global will leverage its proven global brand-management platform to accelerate Lands’ End’s expansion across new categories and channels, and international markets, to generate new high-margin royalty streams and extend the brand’s global footprint.
Lands’ End maintains full operational control of its core direct-to-consumer (“DTC”) and business-to-business (“B2B”) businesses, ensuring complete continuity for customers, partners, and employees. The Company has used the majority of the proceeds to fully repay its $234 million term loan, significantly reducing interest expense and strengthening its balance sheet. This improved capital structure provides the Company increased flexibility to pursue strategically and financially accretive opportunities to drive long-term stockholder value.
Andrew McLean, Chief Executive Officer of Lands’ End, stated: “Creating this joint venture with WHP Global is a pivotal milestone for Lands’ End and positions us for a stronger, faster, and more globally diversified growth trajectory. WHP Global’s extensive brand-development platform will enable us to amplify the reach of the Lands’ End brand far beyond what we could pursue independently, while we maintain our disciplined focus on operational excellence across our DTC and B2B businesses. At the same time, by fully paying down our term loan, we now have greater financial flexibility to pursue strategic opportunities that advance our mission. Alongside this JV, we’ve built a powerful, multi-faceted foundation for sustained value creation.”
Yehuda Shmidman, Founder, Chairman & CEO of WHP Global, added: “This milestone transaction marks the next phase of growth for Lands’ End. With the brand’s strong foundation and WHP Global’s global platform, we are well positioned to expand into new categories and markets to drive long-term value for all.”
Additional Stockholder Upside Through Potential WHP Global Equity Participation
In the event of a qualifying WHP Global monetization – such as a public listing or majority sale of WHP Global – Lands’ End may exchange its JV stake for equity in WHP Global at the same valuation multiple as represented by the WHP Global monetization transaction. This structure provides Lands’ End stockholders with a unique, additional pathway to participate in WHP Global’s platform-driven value creation.
Tender Offer by WHP Global
In a separate press release, WHP Global announced today that it has completed its tender offer for approximately $100 million of Lands’ End shares at a price of $45.00 per share. The tender offer was oversubscribed, and thus subject to proration. Following the tender offer, WHP Global owns approximately 7% of Lands’ End’s outstanding shares of common stock.
Enhanced Earnings Call in June
As announced previously, Lands’ End will host an enhanced earnings call in June following the release of first-quarter fiscal 2026 results. This call will include a comprehensive multi-year financial framework outlining the post-transaction operating model, long-term revenue and profit drivers, and the strategic initiatives expected to shape the Company’s next phase of value creation.
Advisors
Perella Weinberg Partners served as financial advisor to Lands' End, and Wachtell, Lipton, Rosen & Katz served as legal advisor.
Morgan Stanley & Co. LLC served as financial advisor to WHP Global, and Kirkland & Ellis LLP served 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 $8 billion in annual retail sales across 80+ countries. Headquartered in New York with offices worldwide, WHP Global partners with more than 235 leading operators and drives strategic value through proprietary initiatives, including an internal AI Innovation Lab. For brand news and updates, follow WHP Global on Instagram and LinkedIn.
