HanesBrands Finalizes Sale of Champion Business to Authentic Brands
HanesBrands Completes Champion Business Sale
HanesBrands Inc. (NYSE: HBI), a renowned leader in the apparel industry, has successfully concluded the sale of its global Champion business to Authentic Brands Group. This significant transaction includes the transfer of the intellectual property and various operating assets associated with the Champion brand.
Strategic Move Towards Simplification
Steve Bratspies, CEO of HanesBrands, emphasized the importance of this development, stating, “Today marks a major milestone on our journey to strengthen and simplify our business…” The sale is part of a broader strategy to enhance the company's operational efficiency and secure long-term financial stability.
Debt Reduction and Future Growth
The proceeds from this transaction are expected to facilitate the reduction of approximately $1 billion in debt in the latter half of 2024. This financial maneuver positions HanesBrands favorably for future growth and solidifies confidence in generating robust shareholder returns.
Champion Brand’s New Chapter
Bratspies expressed heartfelt gratitude to the Champion team, recognizing their contributions to the brand's legacy. He noted, “We wish them well as the Champion brand writes the next chapter of its storied journey.” This sentiment speaks to the strong heritage of the brand and its potential under new leadership.
The Role of Advisors
In this pivotal deal, HanesBrands received guidance from notable financial advisors, including Goldman Sachs & Co. LLC and Evercore. Legal advice was provided by Kirkland & Ellis LLP and Jones Day, ensuring a seamless transaction.
Understanding Forward-Looking Statements
While HanesBrands is optimistic about the future, it's crucial to acknowledge that various risks may influence their projections. These forward-looking statements reflect expectations regarding the anticipated benefits of the sale. However, they remain subject to numerous uncertainties.
The Importance of Awareness
Challenges faced by the company may involve operational execution, cost-saving initiatives, and changes in consumer demand. HanesBrands is keenly aware of these potential impacts on their strategic plans as they move forward post-sale.
About HanesBrands
HanesBrands (NYSE: HBI) stands at the forefront of the basics and innerwear market. With a commitment to quality, comfort, and value, the company has built an impressive portfolio of trusted brands over the years. Their iconic brands include Hanes, a leader in basic apparel; Bonds, synonymous with Australian wear since 1915; Maidenform, America's top shapewear brand; and Bali, the leading national bra brand in the U.S.
Sustainability and Ethical Practices
The company prides itself on its ethical business practices and sustainability efforts. With ambitious goals set for 2030, HanesBrands aims to enhance the lives of individuals while protecting the planet and creating sustainable products.
Frequently Asked Questions
What is the recent transaction involving HanesBrands?
HanesBrands has completed the sale of its global Champion business to Authentic Brands Group, focusing on enhancing its operational efficiency.
What are the expected benefits of this sale?
The sale is expected to allow HanesBrands to pay down roughly $1 billion in debt and strengthen their financial position for future growth.
Who advised HanesBrands during this transaction?
Goldman Sachs & Co. LLC and Evercore served as financial advisors, with legal support from Kirkland & Ellis LLP and Jones Day.
What are the future plans for HanesBrands?
The company plans to focus on generating strong shareholder returns and expanding margins following the completion of the sale.
How does HanesBrands approach sustainability?
HanesBrands is committed to sustainable practices and has set 2030 goals that aim to improve people's lives and protect the environment.
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