HanesBrands completes acquisition of Australian intimates brand Bras N Things
HanesBrands has completed its acquisition of specialty intimates retailer Bras N Things, which operates a $144 million business throughout Australia, New Zealand and South Africa both in store and online.
Bras N Things occupies the top Australian market spot for bras, sports bras, men's and women's underwear, socks, and babywear. It operates through 170 retail stores in Australia, New Zealand and South Africa, and also aims to reach its millennial consumer through a growing e-commerce platform.
Hanes Chief Executive Officer Gerald W. Evans Jr. pointed out the "100 percent consumer-direct business model and strong millennial following" as key reasons for the acquisition, calling Bras N Things "a strategic and complementary addition" to the Hanes Australasia business.
Current Hanes Australasia brands include basic apparel and underwear brand Bonds, as well as Berlei bras, the top selling sports bra brand in Australia. Hanes Australasia also sells Playtex and Champion in the region.
Hanes intends to expand Bras N Things outside of its current geography due to the potential of its current e-commerce infrastructure. The company can already ship to US consumers via its website.
Bras N Things CEO George Wahby will continue to lead the business from a new role within Hanes Australasia's management team.
The acquisition was completed for approximately $400 million cash and closed on February 12, 2018.
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