HanesBrands (asi/59528) announced this week that it’s undertaking a strategic evaluation of its global Champion business – considering, among other alternatives, whether to sell the iconic brand.

“Champion is a renowned global lifestyle brand, with a storied heritage in sports as the pioneer of American athletic wear,” said Ronald L. Nelson, chairman of the board of directors. “In recent years, the executive leadership team has implemented significant structural improvements within Champion that have resulted in greater distinction between the company’s innerwear and activewear businesses.”

Nelson noted that HanesBrands has started a comprehensive review of various strategic options for the Champion brand.

“We are committed to working with our advisors to identify the right path forward that enables both Champion and HanesBrands to reach their fullest potential and maximizes value,” Nelson added.

HanesBrands said that the announcement is not an assurance that it will make a decision to sell or pursue “any particular transaction or other strategic outcome regarding Champion.” The company has not set a timetable for completion of the process and many end the review at any time. HanesBrands added that it will not be making any further announcements about the review process “until it determines that further disclosure is appropriate or necessary.”

While the board is pursing the strategic review, CEO Steve Bratspies noted that his team “remains focused on executing across our operations, continuing to serve our customers and consumers globally and advancing our initiatives to drive revenue growth, margin improvement and greater cash flow.”

HanesBrands’ announcement comes weeks after it entered into a strategic multiyear license agreement with G-III Apparel Group for the design, production and distribution of outerwear for Champion and C9 Champion brands in North America.

“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,” said Vanessa LeFebvre, president of global activewear.

Jeffrey Goldfarb, executive vice president of G-III, said Champion meshes perfectly with its portfolio of more than 30 brands. “Our vision is to build on the brand’s legacy and create quality heritage pieces which complement and enhance Champion’s principles of self-expression,” he added.

The strategic review of Champion also comes on the heels of challenging second-quarter earnings for HanesBrands, which reported in August that total global sales in fiscal Q2 fell 5% compared to the same quarter in 2022, to $1.44 billion. Meanwhile, gross profit dropped nearly 16% to $483 million, and the quarter ended with a loss of $22 million, or -$0.06 per diluted share.