Market Overview

Hanesbrands Completes Pacific Brands Acquisition

Hanesbrands Completes Pacific Brands Acquisition

Hanesbrands Inc. (NYSE: HBI) revealed that it completed the Pacific Brands Limited acquisition, which is the leading underwear and intimate apparel firm in Australia.

According to Hanesbrands, the acquisition of Pacific Brands adds Bonds, babywear, socks, and Berlei, the country's top sports bra brand and leading seller of premium bras in department stores, to its global portfolio of leading innerwear brands. This was helped by its international low-cost supply chain and manufacturing network.

The company also sells Playtex intimate apparel and Champion active wear in Australia. It was the second acquisition that the company completed in the last two weeks. It said that the expected performance of both the companies was reflected in its guidance disclosed on May 31.

Related Link: Hanesbrands Veteran CEO Replacement "Should Minimize Transition Risk"

Hanes COO and CEO-Elect Gerald Evans Jr. said, "Pacific Brands with its iconic century-old and fast-growing Bonds brand is a great addition to our strong market-leading portfolio spanning the Americas, Europe and Asia-Pacific that is supported by a world-class company-owned global supply chain. We are adding a top-notch management and marketing team led by CEO David Bortolussi that will help serve as a catalyst for continued growth and value creation into the foreseeable future."

In the last three years, the company made six acquisitions. As a result, it now held the position within the top two as far as market share for underwear, intimate apparel or hosiery were concerned in a dozen countries, including the United States, Australia, France, Japan, Canada, Germany, Italy, Mexico, Spain, Brazil, South Africa and New Zealand.

Hanes said that Pacific Brands sells about 325 Bonds and Sheridan retail stores and retailer shop-in-shops. The company added that Bonds sales grew 40 percent since 2013.

On Friday, the stock shed 0.52 percent to $26.56 at time of writing.

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Posted-In: bonds Champion David Bortolussi Gerald Evans Pacific Brands Limited PlaytexM&A News


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