Lands' End sells 50% IP stake to WHP Global for $300M; WHP launches $100M tender at $45

LANDS' END, INC.

Lands' End contributes all brand IP and related assets to new JV; sells 50% controlling interest to WHP Global for $300M cash.
Proceeds of $300M to fully repay ~$234M term loan and for general corporate purposes; significantly strengthens balance sheet.
WHP Global will commence tender offer for up to $100M of Lands' End shares at $45.00 per share, subject to proration.
Lands' End obtains long-term exclusive license for core products with minimum royalties starting at $50M/year.
Transaction expected to close in H1 2026; Lands' End retains full operational control of existing DTC and B2B businesses.

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