LANDS' END (LE) Company Report

Lands' End, Inc. (as Sellers) and WHP Topco, L.P. entered into a Membership Interest Purchase Agreement on January 26, 2026, to form LEWHP, LLC (IPCo).
Upon consummation of the Membership Interests Purchase, both Sellers and WHP will each own 50% of the Class A membership units in IPCo.
IPCo will be governed by a four-manager board, with WHP-appointed managers initially holding an extra vote, granting WHP control.
Sellers' Units may be exchanged for WHP Topco Units during specific monetization events (e.g., initial public offering, change of control) if the implied Exchange Reference Multiple meets certain thresholds, such as 13x for an IPO.
Units are subject to transfer restrictions for three years post-Closing, after which tag-along and right of first offer rights apply, and a drag-along right exists for third-party acquisition offers at or above a 10x enterprise value/LTM EBITDA multiple.

5 days ago

8-K

Lands' End and WHP Global Form Joint Venture

M&A

New Projects/Investments

Lands' End and WHP Global have formed a 50/50 joint venture, with WHP paying $300 million in cash for a controlling stake in Lands' End's intellectual property and leading global licensing and brand expansion.
Lands' End plans to use approximately $234 million of the proceeds to fully repay its term loan and will receive guaranteed minimum royalty payments starting at $50 million in the first year.
WHP Global will also launch a tender offer of up to $100 million at $45 per share to acquire about 7% of Lands' End.
In its most recent quarter, Lands' End reported net revenue of $317.5 million and swung to a net income of $5.2 million, with gross margin expanding to 51.8%.

6 days ago

WSJ

Lands' End and WHP Global Form Joint Venture and Announce Tender Offer

M&A

Debt Issuance

New Projects/Investments

Lands' End (LE) and WHP Global have formed a joint venture (JV) where Lands' End will contribute its intellectual property and related assets.
WHP Global will pay Lands' End $300 million in cash for a 50% controlling ownership stake in the JV. Lands' End intends to use these proceeds to fully repay its outstanding term loan, which was approximately $234 million as of January 26, 2026, and for general corporate purposes.
Lands' End will enter into a long-term license agreement with the JV, which includes guaranteed minimum royalty payments starting at $50 million per year for the first year.
Additionally, WHP Global will commence a tender offer for up to $100 million of Lands' End shares at a price of $45 per share, which could result in WHP Global owning up to 7% of Lands' End's outstanding common stock.
The transactions are expected to close during the first half of 2026.

6 days ago

8-K

Lands' End Highlights Strategic Growth Initiatives and Financial Strength at ICR Conference

Revenue Acceleration/Inflection

New Projects/Investments

Lands' End is successfully attracting a younger customer base, including Gen Alpha, through product collaborations (e.g., iconic totes with strong resale value) and pop-up stores.
The company is experiencing high growth rates on platforms like TikTok Shop and achieved the number one men's sweater item on Amazon during a key sales period, demonstrating agility in adapting to trends and leveraging diverse marketplaces.
Lands' End is building an asset-light licensing business and revitalizing its Outfitters (uniforms) business, including a significant new contract with Delta Air Lines, which is expected to provide substantial revenue upside.
The company has consistently expanded gross margin rates despite tariff challenges and has significantly strengthened its balance sheet by reducing debt and improving inventory efficiency, positioning it for greater capital allocation flexibility and potential multi-brand growth.

Jan 12, 2026, 1:30 PM

Transcript

Lands' End Discusses Margin Expansion, Balance Sheet Improvement, and Growth Initiatives at ICR Conference

Revenue Acceleration/Inflection

New Projects/Investments

Lands' End has achieved gross margin expansion despite tariff headwinds, attributing this to supply chain mitigation, price adjustments, and cost savings, with expectations for continued improvement.
The company has significantly improved its balance sheet, reducing debt and increasing inventory efficiency, moving from a highly leveraged position to one considered "investment grade," which provides greater flexibility for future capital allocation and potential multi-brand growth.
Lands' End is driving revenue growth and customer acquisition through new channels and initiatives, including high growth on TikTok Shop, successful marketplace performance on Amazon and Nordstrom's, and the expansion of its asset-light licensing business.
The Outfitters business presents significant upside, particularly with the Delta Air Lines uniform program relaunch and securing longer-term contracts in the school uniform segment, leveraging a B2B2C model.

Jan 12, 2026, 1:30 PM

Transcript

Lands' End Discusses Product Innovation, Channel Growth, and Financial Strength at ICR Conference

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Lands' End is focusing on product innovation through collaborations (e.g., Montauk General Store totes) and expanding offerings like personalized cashmere, successfully attracting a younger customer base while retaining existing ones.
The company is actively leveraging new sales channels such as TikTok Shop for high growth and reach, and has achieved significant success on marketplaces like Amazon (top men's sweaters) and Nordstrom (full-price cashmere).
Strategic growth initiatives include building an asset-light licensing business and expanding the commercial uniforms (Outfitters) segment, highlighted by the Delta Air Lines uniform program, which offers substantial future revenue potential.
Lands' End has achieved gross margin expansion despite tariff headwinds and has significantly improved its balance sheet, transitioning from a highly leveraged position to an "investment grade company," providing greater flexibility for future capital allocation and multi-brand growth.

Jan 12, 2026, 1:30 PM

Transcript

Lands' End Reports Q3 Fiscal 2025 Results and Updates Full-Year Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lands' End reported Q3 fiscal 2025 total revenue of $318 million, which was essentially flat year-over-year, while GMV increased low single digits.
The company achieved significant profitability improvements, with gross margin expanding by 120 basis points to nearly 52% and Adjusted EBITDA increasing 28% year-over-year to $26 million.
Key growth drivers included a 34% increase in third-party marketplace sales and over 30% growth in the licensing business, alongside a 7% rise in Outfitters sales, which included over 20% growth in school uniforms and a new partnership with Delta Air Lines.
Lands' End provided Q4 fiscal 2025 net revenue guidance of $460 million to $490 million and full-year fiscal 2025 net revenue guidance of $1.33 billion to $1.36 billion, with Adjusted EBITDA projected to be between $99 million and $104 million for the full year.

Dec 9, 2025, 1:30 PM

Transcript

Lands' End Reports Q3 2025 Results and Provides Q4 and Full Year 2025 Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lands' End reported Q3 2025 total revenue of $318 million, which was essentially flat year over year, while GMV increased low single digits.
The company achieved a gross margin of nearly 52%, representing a 120 basis point improvement from Q3 2024, and Adjusted EBITDA grew 28% year over year to $26 million.
Key growth drivers included a 34% increase in third-party marketplace sales, a 7% rise in Lands' End Outfitters sales, and over 30% growth in the licensing business. The company also secured a long-term partnership with Delta Air Lines for uniforms.
For Q4 2025, Lands' End expects net revenue between $460 million and $490 million, with adjusted diluted EPS projected to be $0.71 to $0.84.
The full year 2025 guidance anticipates net revenue between $1.33 billion and $1.36 billion, and adjusted diluted EPS ranging from $0.68 to $0.81.

Dec 9, 2025, 1:30 PM

Transcript

Lands' End Reports Q3 2025 Results and Provides Full-Year 2025 Guidance

Earnings

Guidance Update

For the third quarter of fiscal 2025, Lands' End reported total revenue of $318 million, which was essentially flat year over year, while GMV increased low single digits.
The company achieved adjusted net income of $7 million, or $0.21 per share, and adjusted EBITDA of $26 million, representing a year-over-year increase of approximately 28%. Gross margin improved by approximately 120 basis points to nearly 52%.
Key operational highlights included a 34% increase in third-party marketplace business and a 7% increase in Outfitters sales, driven by over 20% growth in school uniforms and securing a long-term partnership with Delta Air Lines.
For the full year 2025, Lands' End expects net revenue between $1.33 billion and $1.36 billion, adjusted net income between $21 million and $25 million, and adjusted diluted earnings per share between $0.68 and $0.81.

Dec 9, 2025, 1:30 PM

Transcript

Lands' End Announces Third Quarter 2025 Results and Updates Fiscal 2025 Guidance

Earnings

Guidance Update

Lands' End, Inc. reported its third quarter 2025 financial results, with Adjusted EBITDA increasing by 28% and Net income rising by $5.8 million compared to the prior year.
The company achieved a gross margin of 51.8% in the third quarter of 2025, an improvement of approximately 120 basis points from the third quarter of 2024, despite a 0.3% decrease in net revenue to $317.5 million.
For the fourth quarter of fiscal 2025, Lands' End expects net revenue to be between $460.0 million and $490.0 million, and Adjusted EBITDA in the range of $49.0 million to $54.0 million.
The company updated its fiscal year 2025 guidance, projecting net revenue between $1.33 billion and $1.36 billion, and Adjusted EBITDA in the range of $99.0 million to $104.0 million.