HanesBrands Inc., the parent company of Australian brands Bonds, Sheridan and Berlei, has been acquired by Canadian apparel business Gildan Activewear Inc.
Gildan manages five key brands, including American Apparel and its namesake brand Gildan, which sells basics and casualwear items.
According to HanesBrands in a stock market statement, the transaction implies an equity value of approximately US$2.2 billion (~A$3.3 billion) and an enterprise value of approximately US$4.4 billion for HanesBrands, based on the closing price of Gildan common stock on August 11, 2025.
“Today is a historic moment in Gildan’s journey as we look to join forces with HanesBrands,” Gildan president and CEO Glenn J. Chamandy said.
“With this transaction, our revenues will double and we achieve a scale that distinctly sets us apart. The combination with HanesBrands strengthens our positioning with an opportunity to expand the heritage ‘Hanes’ brand presence in activewear across channels, while enhancing Gildan’s retail reach for its portfolio of brands.
“Further, our state of the art low-cost vertically integrated platform will be utilized to enhance efficiencies and drive additional innovation. We are excited for the next stage of growth and remain focused on supporting our customers and continuing to drive long term shareholder value.”
In the quarter to June 29 this year, Gildan reported sales of $919 million, which is up 6.5 per cent compared to the same quarter last year.
Gildan’s full year sales for 2024, ending December 29, were US$3.2 billion, up 2 per cent on 2023.
HanesBrands CEO Steve Bratspies said the transaction represents a “powerful alignment” between the two companies.
“We have great respect for Gildan’s manufacturing strength and long track record of success,” Bratspies said. “We look forward to expanding upon HanesBrands’ portfolio of leading innerwear brands and go-to-market expertise and opening new doors for growth and impact as part of Gildan.”
Bratspies also shared gratitude for Hanes’ associates around the world. This includes its local arm Hanes Australasia, which manages ten brands in the local market, including Bonds, Sheridan and Berlei, as well as innerwear and hosiery brands Jockey, Playtex, Razzmatazz, Explorer, Sheer Relief, Voodoo and Dunlopillo.
“Today marks the beginning of an exciting journey ahead as part of Gildan and I’m particularly pleased that Gildan intends to maintain HanesBrands’ strong presence in Winston-Salem [the company’s HQ].”
Gildan board chair Michael Kneeland said Hanes has a strong legacy, and that by joining with HanesBrands, the Canadian company is strengthening its market capitalisation.
“Leveraging best practices and the exceptional teams from each side, we are poised to deliver outstanding value to our customers and shareholders. With the finest talent in the industry, we have an extraordinary opportunity ahead to shape the future together.”
HanesBrands’ chair Bill Simon added that the deal will also deliver significant value to its shareholders, both through immediate cash and substantial upside potential of the combined company.
“As part of Gildan, HanesBrands will benefit from an even stronger financial and operational foundation that will provide new growth opportunities – helping to power further innovation, a broader product offering and greater reach across channels and geographies,” Simon said.
“We are confident that this transaction and the next chapter with Gildan is the right next step for HanesBrands and will honor and build on its long history for the benefit of all our stakeholders.”