Hanesbrands has entered into an agreement to acquire Australian intimate apparel retailer Bras N Things. Reporting Q4 and full-year 2017 results, including an 8 per cent fall in operating profits for the quarter, the big apparel player will pay $400 million for the specialty retailer and online seller of intimate apparel in Australia, New Zealand and South Africa. In 2017, Bras N Things recorded net sales of around A$180 million (US$144 million).
Sydney-based company sells proprietary bras, panties and lingerie sets through a retail network of around 170 stores and a growing e-commerce platform. Its three-year CAGR is 11 per cent and online sales last year rose by 71 per cent representing about 10 per cent of total sales. The company manages 154 stores in Australia, 10 stores in New Zealand and 7 stores in South Africa.
Post acquisition, Hanesbrands says its combined Australian commercial businesses would be the market leader in bras, panties, underwear, socks and babywear in Australia.