Blundy buys back Bras N Things, adds three more major brands
Brett Blundy is returning to familiar retail territory, acquiring an Australian apparel and homewares portfolio including Bras N Things – which he founded and sold eight years ago.
Via BTIF Investments, the billionaire retailer has agreed to buy Hanes Australasia from Canadian apparel group Gildan Activewear in a deal understood to be worth c$700 million (US$490m).
The deal includes Bras N Things, Berlei, Bonds and Sheridan.
It is expected to complete later this year.
Portfolio assembled over years
Hanesbrands entered the Australian market in 2016, acquiring ASX-listed Pacific Brands for c$1.1 billion, gaining control of Berlei, Bonds and Sheridan.
The company had been under pressure for several years before that takeover, writing down more than $1.5b in assets as it restructured its operations.
In 2014, it sold its workwear division, including Hard Yakka, KingGee and Stubbies, for $180m to Wesfarmers.
It later banked $39m from Anchorage Capital Partners for its footwear brands – Clarks, Dunlop, Hush Puppies and Volley.
In 2018 Hanesbrands acquired Bras N Things from Mr Blundy’s BB Retail Capital, a deal valuing the retailer at c$500m (continues below).
Gildon offered the businesses this year to focus on core global apparel operations; the group manufactures and sells activewear, fleece, blank and branded T-shirts, socks and underwear, with retailers, wholesalers and printers all around the world. With brands including American Apparel, Comfort Colors and GoldToe, it is a major supplier to Walmart.
The proposed sale to Melbourne-based Mr Blundy would place Bras N Things alongside Bonds, Sheridan and Berlei under his ownership for the first time.
It would also make the company’s Australian owned again.
Australian owned again
Since selling Bras N Things, Mr Blundy has continued investing heavily in retail through BB Retail Capital – with interests across apparel, jewellery and consumer brands including Adore Beauty, Honey Birdette, the LEGO Certified Stores network, Léays and Lovisa.
It also acquired a stake in Victoria’s Secret.
The Hanesbrands acquisition broadens that portfolio beyond lingerie. Established in 1915 Bonds sells general apparel. Sheridan is renowned for bedding and towels.
The deal is subject to conditions.
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