Hanesbrands Buys Australian Supplier for $9 Million
Hanesbrands, Winston-Salem, N.C., announced it acquired Australian activewear supplier TNF Group on Wednesday for $9 million. A major supplier of branded apparel to the Australian and New Zealand markets, TNF Group will allow Hanesbrand to expand its Champion line of apparel into Australia and Asia.
"We are excited to add the TNF business and team to create significant growth opportunities in Australia and New Zealand," said Gerald Evans, co-operating officer and president of international businesses for Hanesbrands, speaking with Business Wire. "TNF's activewear business, which had continually expanded Champion sales since the 2009 license agreement, has an outstanding management team and workforce that are the best in their category and fit well with our growth culture."
Hanesbrands, which operates in the promotional products industry under the name Hanes Printables, announced strong first-quarter sales in April on the back of increased activewear and outerwear sales. The company reported a first quarter profit of $48.1 million, an $11.6 million increase over the previous year.
TNF Group sells activewear, including the Champion brand, to retail stores throughout Australia, and also sells custom sports clothing. The company's activewear sales for 2010 were $20 million. Hanesbrands has said that approximately 60 employees from TNF Group will join the compan. TNF Group's management will remain in Australia.
For more information, visit www.hanesbrands.com.