Hanesbrands Acquires Australian Company for $400M
It looks like Hanesbrands Inc., Winston-Salem, N.C., is all about the acquisitions as of late. Back in October, the company announced it acquired Alternative Apparel for approximately $60 million. Now, we have word that the company just purchased Bras N Things, Sydney, Australia, for $400 million in cash.
According to The Winston-Salem Journal, this is one of the fastest completions among the company's 10 corporate purchases recently.
Bras N Things is a specialty retailer and online seller of intimate apparel brands like Bonds, Australia's top brand of underwear, infant apparel and socks; and Berlei, the country's No. 1 sports bra brand. Last year, the company's fiscal sales hit $144 million. It operates 154 stores in Australia, 10 in New Zealand and seven in South Africa.
The acquisition would mean Hanesbrands holds Australia's top market position in babywear, bras, panties, socks and underwear.
“Bras N Things has a great business model that appeals to millennial consumers, featuring core products supplemented by seasonal product offerings," said Gerald Evans Jr., Hanesbrands' CEO. "This consumer-direct sales model has significant potential for expansion into other geographic markets.”
It looks like Hanes is conquering the underwear world. We wonder if it this will mean anything for its T-shirt business.