Lands' End (NASDAQ: LE) is an apparel company that designs, markets, and sells clothing, swimwear, and related products directly to consumers and businesses. Revenue comes from six distribution channels: U.S. eCommerce, Europe eCommerce, Outfitters (business-to-business), Third Party, Licensing, and Retail. The company operates as a direct-to-consumer brand, selling through its own websites, catalogs, and company-operated stores, while also generating licensing revenue from third-party arrangements. Licensing and Retail net revenue was $82.2 million in Fiscal 2025, down 22.0% from $105.4 million in Fiscal 2024, reflecting a planned transition of wholesale accounts to licensing. Total gross profit was $650.2 million in Fiscal 2025, at a 48.7% gross margin, up 80 basis points from 47.9% in Fiscal 2024. On January 26, 2026, Lands' End announced a 50/50 joint venture with WHP Global to hold the company's intellectual property and related assets, with WHP also commencing a tender offer to purchase up to 2,222,222 shares at $45.00 per share.

Revenue model

Transactional revenue from direct-to-consumer apparel sales through U.S. eCommerce, Europe eCommerce, Outfitters, Third Party, and Retail channels, plus licensing revenue from third-party arrangements. Licensing revenue grew over 20% in Fiscal 2025. Total net revenue supported $650.2 million in gross profit at a 48.7% gross margin (Fiscal 2025).

Products and services

Apparel including outerwear, swimwear, casual and dress clothing, and school uniforms, sold under the Lands' End brand and sub-brands including Lands' End Lighthouse, Squall, Tugless Tank, Drifter, Outrigger, Marinac, Wanderweight, Beach Living, Hyde Park, Willis & Geiger, ClassMate, ThermaCheck, and others. The company also holds a patent pending for targeted control swimwear and a provisional patent for swimwear with a removable wire feature.

Customers and end markets

Individual consumers via direct-to-consumer channels (eCommerce and catalog) and business customers via the Outfitters channel. End markets include consumer apparel and business uniform/workwear. Apparel purchases are sensitive to macroeconomic conditions including inflation and consumer discretionary spending levels.

Value-chain role

Brand owner and direct-to-consumer retailer. Lands' End designs products, sources from third-party vendors subject to compliance requirements, and sells through owned digital, catalog, and retail channels. The company does not manufacture. Post-Pending WHP Transaction, intellectual property will be held in a joint venture, with Lands' End operating under a license agreement.

Geographic exposure

United States (U.S. eCommerce and Outfitters primary channels) and Europe (Europe eCommerce channel). The Lands' End trademark is used both in the United States and internationally.

Competitors

National department store chains, Women's and men's specialty apparel chains, Apparel catalog businesses, Sportswear marketers, Online apparel businesses

Source: SEC 10-K, filed 2026-03-26

Industry: Retail-Family Clothing Stores Peers: Amazon.com Inc 1-800-Flowers.Com Inc 1stdibs.Com Inc Bark Inc Carparts.Com Inc Duluth Holdings Inc Groupon Inc Porch Group Inc RideNow Group Inc ThredUp Inc