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current news

Hanesbrands Acquires TNF of Australia

(Filed Under Financial and General Interest News). Hanesbrands Inc. announced Wednesday that it is acquiring the assets of Australian-based activewear supplier TNF Group Pty Ltd., and will be expanding its Champion brand in the region.

This acquisition expands Hanesbrands into the outerwear segment in Australia, where it already sells Playtex intimate apparel and Hanes basic apparel. TNF currently sells Champion activewear products in Australia and New Zealand under a license and distribution agreement. Established in 2002, TNF’s activewear sales last year were about $20 million.

Hanesbrands entered into this acquisition as part of its international growth strategy, which includes focusing on its core categories of basic apparel, intimate apparel and activewear under its Hanes, Wonderbra, Playtex and Champion global brands.

Based on the acquisition and a 24 percent sales increase in international sales during the first quarter, Hanesbrands expects 2011 internationals sales growth to be at least in the high teens. "Our accelerating international growth is duplicating our success in the United States by increasing market share through strong consumer brands in core categories supported by low-cost global supply chain," said Richard Noll, chairman and C.E.O of the company. "This model should allow us to sustain substantial international growth for years."

According to Hanesbrands, this acquisition will not materially affect its 2011 guidance for total sales of $4.9 billion to $5 billion and earnings per diluted share of $2.70 to $2.90.

more Financial and General Interest News >>

Published 05-04-2011 by Amanda Torres Price

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