Lands' End Inc. (NASDAQ: LE) and WHP Global announced the completion of their joint venture agreement, with Lands' End receiving $300 million in cash for a 50% controlling interest in the venture.

Under the agreement, Lands' End contributed all intellectual property and related assets associated with the Lands' End brand, including licensing agreements, to the joint venture. WHP Global will use its brand management platform to expand Lands' End across new categories, channels and international markets.

Lands' End used the majority of the proceeds to fully repay its $234 million term loan, reducing interest expense and strengthening its balance sheet. The company maintains full operational control of its direct-to-consumer and business-to-business operations.

In a separate transaction, WHP Global completed a tender offer for approximately $100 million of Lands' End shares at $45 per share. The tender offer was oversubscribed and subject to proration. Following the completion, WHP Global owns approximately 7% of Lands' End's outstanding common stock.

The joint venture agreement includes a provision allowing Lands' End to exchange its stake for equity in WHP Global if certain monetization events occur, such as a public listing or majority sale of WHP Global.

"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," said Andrew McLean, chief executive officer of Lands' End.

Lands' End plans to host an enhanced earnings call in June following the release of first-quarter fiscal 2026 results, which will include a multi-year financial framework for the post-transaction operating model.

Perella Weinberg Partners served as financial advisor to Lands' End, while Morgan Stanley advised WHP Global on the transaction.