An acquisition deal is likely to take the final shape this month that will allow HanesBrands, a prominent global marketer of everyday basic apparels under world-class labels, to expand its product portfolio.
The American apparel retailer is all set to acquire Bras N Things, an Australia-based fashion lingerie brand which has more than 172 retail stores across Australia, New Zealand and South Africa. The acquirement deal is likely to be finalised at around US $ 400 million.
Notably, Bras N Things, which also runs online stores, noted net sales of around US $ 144 million in 2017.
The forthcoming acquisition will have a minimum impact on 1,400 employees of Bras N Things. George Wahby, the current CEO and management team of Bras N Things will continue to lead the retail business from its current locations in Sydney, media reports claim.
As per the statement issued, Bras N Things is quite popular among millennials and comes as a ‘natural complement’ to Hanes’ successful Bonds underwear retail business in the Australian and New Zealand markets. Also, the lingerie retailer offers a novel assortment that blurs the aesthetic lines of lingerie, sleepwear, playwear, activewear and swimwear.
The aforementioned aesthetics, strong brand and market position in the intimate apparel segment are touted to be the major reasons behind Hanes’ move to acquire Bras N Things.