HanesBrands completes acquisition of Champion Europe
HanesBrands announced on Thursday that it has completed the acquisition of Champion Europe. The company began the acquisition in April 2016.
Hanes acquired the privately held Italy-based company in an all-cash transaction. The company expects the final purchase price to be approximately €200 million, just €10 million above Champion Europe’s net sales.
“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 Chief Operating Officer and CEO-Elect Gerald W. Evans Jr. “Sauro Mambrini, the chief executive officer of Champion Europe, and the accomplished European management team will remain with HanesBrands to run the business, which will complement our worldwide Champion commercial operations in the United States/the Americas, Japan/Asia, and Australia.”
Champion Europe owns the trademark for the Champion brand in Europe, the Middle East and Africa. The company sells Champion athletic apparel wholesale to retailers and direct to consumers via company-owned retail stores. Champion Europe’s largest wholesale markets are Italy, Greece, Spain and Scandinavia, and it operates approximately 130 retail stores in Italy and Greece.
The acquisition is already reflected in HanesBrands’ financial guidance.
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