LE · Lands' End, Inc.

Lands' End has completed a transformative joint venture with WHP Global, contributing its intellectual property assets to LE Topco, LLC in exchange for $300 million in cash and a 50% membership interest. This transaction allows Lands' End to monetize its brand assets while retaining significant upside through its JV stake. The Company utilized the majority of the proceeds to fully repay its $234 million term loan, a move that materially strengthens its balance sheet by eliminating a significant interest expense burden and enhancing strategic flexibility. Concurrently, WHP Global acquired approximately 7% of Lands' End's outstanding common stock through a tender offer at $45.00 per share, aligning interests between the partners. The newly formed JV is governed by a detailed LLC Agreement that grants WHP operational control through board voting rights, while providing Lands' End with protective provisions and potential future liquidity through exchange rights into WHP Topco equity upon qualifying monetization events such as an IPO or change of control. The License Agreement ensures Lands' End retains operational control of its core DTC and B2B businesses through an exclusive license back from the JV, subject to a substantial guaranteed minimum royalty of $50 million annually, providing a stable high-margin revenue stream. This strategic repositioning is designed to accelerate global brand expansion and unlock stockholder value.