US: Hanesbrands completes Gear For Sports buy
By just-style.com | 2 November 2010
Apparel group Hanesbrands has completed the acquisition of licensed logo apparel company GearCo, known as Gear For Sports, in a deal valued at US$227m.
Hanesbrands paid £55m for the business, also assuming debts put at approximately $172m, the US company said.
Gear For Sports, which sells apparel in collegiate bookstores and other channels, has annual sales of $225m a year and is expected to contribute about $30m in sales to Hanesbrands in the fourth quarter.
The acquisition means that 20-25% of Hanesbrands’ outerwear sales now come from graphic apparel.
“We are creating very strong capabilities to serve the large and growing embellished apparel market,” said Hanesbrands chairman and CEO Richard Noll.
“Gear For Sports complements our separate retail graphic apparel business and significantly strengthens our outerwear segment.”
Sectors: Apparel, Finance, Retail
Companies: Hanesbrands
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