June 5 (Reuters) - HanesBrands said on Wednesday it would sell its sportswear business Champion to Authentic Brands Group in a deal valued at $1.2 billion.

The Champion business offers sportswear ranging from athletic tops and hoodies to socks.

HanesBrands said the deal could reach up to $1.5 billion through an additional contingent cash consideration of up to $300 million based on achievement of performance thresholds.

The company said it intends to focus on extending its innerwear category and increase investment across its portfolio of brands including Hanes, Bonds, Maidenform and Bali. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shilpi Majumdar)