Fashion
Canada’s Gildan Activewear to acquire HanesBrands in $4.4 bn deal
Under the deal, HanesBrands shareholders will receive 0.102 Gildan shares and $0.80 in cash per share, representing a 24 per cent premium to HanesBrands’ August 11 closing price. Upon completion, they will own about 19.9 per cent of Gildan on a non-diluted basis.
Gildan Activewear will acquire HanesBrands in a $4.4 billion deal, doubling Gildan’s revenues and expanding into iconic innerwear brands.
HanesBrands shareholders will get cash and shares, holding 19.9 per cent post-close.
The merger targets $200 million in cost synergies within three years, with over 20 per cent EPS accretion.
Headquarters will remain in Montreal.
The combination will double Gildan’s revenues, expand its reach into iconic innerwear brands, and strengthen its low-cost vertically integrated manufacturing network. The companies expect at least $200 million in annual run-rate cost synergies within three years—$50 million in 2026, $100 million in 2027, and $50 million in 2028. The deal is forecast to be immediately accretive to adjusted diluted EPS and deliver more than 20 per cent EPS accretion once synergies are realised, the two companies said in a joint media release.
Gildan will maintain headquarters in Montreal and a strong presence in Winston-Salem. The transaction, approved unanimously by both boards, is subject to shareholder and regulatory approvals, with closing expected in late 2025 or early 2026. Financing includes $2.3 billion in committed facilities, with Gildan targeting a net debt-to-adjusted EBITDA ratio of ≤2.0x within 18 months post-close.
The merged entity aims for net sales growth of 3–5 per cent annually, capex of 3–4 per cent of sales, and adjusted EPS growth in the low 20 per cent range through 2028. Strategic alternatives will be reviewed for HanesBrands Australia, potentially including a sale, the release added.
“Today is a historic moment in Gildan’s journey as we look to join forces with HanesBrands. We are extremely pleased to welcome the HanesBrands’ team to the Gildan family,” commented Glenn J Chamandy, president and chief executive officer of Gildan. “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 utilised 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.”
“This transaction represents a powerful alignment of HanesBrands’ and Gildan’s shared commitment to quality, innovation, and excellence. We have great respect for Gildan’s manufacturing strength and long track record of success. 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,” said Steve Bratspies, CEO of HanesBrands.
“This transaction represents a pivotal moment in Gildan’s story,” said Michael Kneeland, chair of the board of directors of Gildan. “Hanes is a distinguished brand with a proud legacy, and by joining forces with HanesBrands, we are forging an exceptional organisation built on the strengths of both companies. 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.”
Bill Simon, chairman of HanesBrands’ board of directors, commented, “We are very pleased to have reached this agreement with Gildan which delivers significant and certain value for our 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. We are confident that this transaction and the next chapter with Gildan is the right next step for HanesBrands and will honour and build on its long history for the benefit of all our stakeholders.”
Fibre2Fashion News Desk (KD)
In a press conference organised yesterday by the International Chamber of Commerce (ICC) Bangladesh and 15 other trade bodies, ICC Bangladesh president Mahbubur Rahman said: “Our entrepreneurs and business chambers strongly support graduation. However, we stress the need for a three- to five-year extension.”
Top trade bodies in Bangladesh have called for delaying the country’s scheduled graduation from the LDC status by five to six years.
Though Bangladesh has fulfilled all three UN criteria, the graduation will bring with it new responsibilities and risks, and therefore, careful preparation is needed to ensure the transition leads to lasting success, ICC Bangladesh president Mahbubur Rahman said.
Though Bangladesh has fulfilled all three UN criteria—gross national income, human assets index and economic vulnerability index—in two consecutive reviews, such a graduation will bring with it new responsibilities and risks, and therefore, careful preparation is needed to ensure the transition leads to lasting success, Rahman said.
Risks include the possible loss of duty-free market access in key export destinations where tariffs of up to 12 per cent could be imposed, and that may lead to a 6-14 per cent drop in exports, he said.
“The press conference expressed optimism that the extended period would provide greater scope for export diversification, development of skilled manpower in automation and artificial intelligence (AI), and building capacity to face future challenges, thereby ensuring sustainable competitiveness in the global market,” the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) posted on Facebook.
The business leaders also raised concerns over the end of special and differential treatment by the World Trade Organization (WTO). “This will make patent rules stricter for the pharmaceutical sector and increase compliance costs,” Rahman cautioned.
Rahman noted that several countries had deferred their LDC graduation in the last.
The proposed five- to six-year deferment would offer Bangladesh the time to secure trade deals with several countries and economic blocs, he added.
Fibre2Fashion News Desk (DS)
Published
August 28, 2025
The British Retail Consortium is getting a female chair for the very first time with former Matalan and Co-op exec Jo Whitfield to take over from Andy Higginson in early October.
Whitfield has a quarter of a century of experience in retail and is currently a non-executive and audit chair at Asda, a non-executive and chair of the ethics committee at Factory International, and host of the Manchester International Festival.
She also played a leading industry role campaigning alongside the BRC to achieve better safety recognition and a change to the law to protect retail shopworkers.
She’ll be joined by Eve Williams, as a new non-executive director on the BRC board. Again, she’s hugely experienced and is VP and general manager of eBay UK as well as having held executive marketing and customer roles in both eBay and at ASOS, before being appointed to her current role.
Whitfield said: “I’m honoured to be joining the BRC as its first female Chair, and to be supporting Helen and her team at such a pivotal time. Retail is an incredibly valuable industry, employing over 3 million people who support their families through their work. It’s also uniquely inclusive and many of us have built our careers from the shop floor or from working-class backgrounds, rising into leadership roles and enjoying fulfilling careers.
“Retailers are at the heart of communities, and we’re acutely aware of the many government policies currently under consideration that could either support or hinder our industry. This is a critical moment for us all and now more than ever, we need a strong, united voice. I look forward to working closely with Helen and the team to ensure the interests of our industry are championed and protected.”
And Helen Dickinson, BRC CEO, added: “Jo and Eve join the board as we deal with multiple public policy headwinds and more to do on big issues like climate change, inclusion, and creating the right environment for growth and investment. I know how passionate they both are on these areas and particularly on people so it’s great to welcome two more women to our board and our first female chair.
“It has been a pleasure working with Andy and I would like to thank him for his pragmatic, down-to-earth advice, leadership and support over the past two-and-a-half years. We are a stronger organisation for it.”
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The factory is likely to create 2,000 direct jobs and export nine-tenths of its production abroad.
SCZONE chairman Waleid Gamal El-Dien said the Qantara West Industrial Zone now hosts 34 projects with investments worth $859.3 million, providing over 48,000 direct jobs.
Egypt’s Suez Canal Economic Zone has signed a deal with Turkiye’s Nil Orme to set up a $35-million textile-clothing unit in the former’s Qantara West Industrial Zone.
Meanwhile, Turkiye’s Sahinler Holding Group is planning to expand its operations in Egypt, investing over $41 million to expand its garment manufacturing and planning to complete its third sportswear factory in Egypt by the yearend.
Meanwhile, Turkish conglomerate Sahinler Holding Group is planning to expand its operations in Egypt with investments exceeding $100 million, according to an Egyptian media outlet. It is now investing over EGP 2 billion (~$41 million) to expand its ready-to-wear garment manufacturing.
This includes the completion of its third sportswear factory in Egypt by the end of 2026. It will raise production lines to 34 from the current 10.
A fourth garment factory for the Zara brand is also being planned in the third phase of Robbiki City, east of Cairo.
Founded in 1982, Sahinler now operates two sportswear factories in Egypt with a total investment of $50 million, alongside five additional facilities in Turkiye, Bulgaria, Germany and France.
Fibre2Fashion News Desk (DS)
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