US rival Hanes reaches down under to bolster profits with Pacific Brands
Although shareholders were not aware of it, Pacific Brands – which owns some of Australia’s most iconic labels including Bonds, Jockey and Sheridan – has been stalked for years by a giant US competitor, HanesBrands. On Thursday, Hanes put $1.1 billion on the table and the Pacific Brands board took the bait.
It will stand alongside Vegemite and Arnotts in the ranks of Aussie brands so entrenched and attractive that they are snapped up by offshore companies.
The passing of one of the nation’s oldest companies, and one with some of our most recognisable brands, to US hands will disappoint many. It shouldn’t. Pacific Brands – like almost all Australian apparel companies – manufactures in China. Jobs won’t be lost, and its new $11 billion American owner is well resourced and has a billion reasons for ensuring the brands will prosper. Sydney Morning Herald – Read more…
It will stand alongside Vegemite and Arnotts in the ranks of Aussie brands so entrenched and attractive that they are snapped up by offshore companies.
The passing of one of the nation’s oldest companies, and one with some of our most recognisable brands, to US hands will disappoint many. It shouldn’t. Pacific Brands – like almost all Australian apparel companies – manufactures in China. Jobs won’t be lost, and its new $11 billion American owner is well resourced and has a billion reasons for ensuring the brands will prosper. Sydney Morning Herald – Read more…
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