Winston-Salem, N.C.-based HanesBrands reports it has completed the purchase of Bras N Things, a retailer and online seller of intimate apparel in Australia, New Zealand and South Africa. The acquisition was an all-cash transaction valued at approximately $400 million on an enterprise value basis, and is expected to be accretive to earnings in 2018. The business will be managed as part of the Hanes Australasia business.
“We are very excited to add Bras N Things to our strong Hanes Australasia business unit,” said Gerald W. Evans Jr., CEO, Hanes. “With its highly effective 100-percent consumer-direct business model and strong millennial following, Bras N Things is a strategic and complementary addition to our business portfolio. In addition, we are adding seasoned management depth to our already outstanding Hanes Australasia management team.”