HanesBrands, a leading marketer of everyday basic apparel under world-class brands, announced that it has closed the acquisition of Maidenform Brands, Inc., for approximately $583 million.
Maidenform is a leading seller of bras, shapewear and panties under brands such as Maidenform, Flexees, Lilyette, Self Expressions and Sweet Nothings, as well as Donna Karan and DKNY intimate apparel under license.
Hanes will discuss expected acquisition-related sales and profit contributions and expenses on its third-quarter 2013 investor conference call anticipated to be held in late October or early November.
“Maidenform is a great company with strong brands and a rich tradition of innovation in intimate apparel,” Hanes Chairman and Chief Executive Officer Richard A. Noll said. “The Maidenform business and brands are a perfect addition and complement to our core business and brands. This is an excellent use of our strong free cash flow to create value.”
The acquisition is expected to create growth and cost savings opportunities and increased scale to serve retailers. The acquisition will complement Hanes’ Innovate-to-Elevate strategy, which integrates the company’s world-class brands, low-cost supply chain and product innovation.