Though not known to most Wall Street types as a performance brand of choice, we'd note that Russell has 5% market share of apparel in the sporting goods channel. This compares to Champion at 2%, 5% for The North Face, and 16% and 14% for Under Armour and Nike, respectively.
This smells a bit like when Liz Claiborne went down market to JC Penney with its 'Liz & Co' brand and then Macy's cut floorspace for the core Liz Brand by a third. Not a good trade.
We could see some brand rotation here, and suspect that Hanesbrands (owner of Champion) is licking its chops.