Marketer of innerwear and activewear Hanesbrands said it has completed the acquisition of Champion Europe, which owns the Champion brand trademark in the Middle East, Africa and Europe.
Hanes acquired the privately held Champion Europe, based in Italy, in an all-cash transaction, which it expects to be approximately €200 million.
Champion Europe sells Champion athletic apparel wholesale to retailers and directly to consumers via company-owned retail stores.
The company's largest wholesale markets are Italy, Greece, Spain and Scandinavia, while the company operates approximately 130 retail stores in Italy and Greece.
Champion Europe expects calendar 2016 net sales of more than €190 million and operating profit of approximately €15 million.
“We now have a powerful global platform to drive Champion brand growth on every continent using our Innovate-to-Elevate strategy and low-cost, large-scale supply chain,” said Hanes COO Gerald Evans.
“Sauro Mambrini, CEO of Champion Europe and the team will remain with HanesBrands to run the business, which will complement our worldwide Champion commercial operations in other parts of the world,” he added. (AR)
Fibre2fashion News Desk - India