Hanes Europe Innerwear acquired by US private equity firm Regent L.P.
Last February, US underwear and apparel giant HanesBrands announced it was planning to divest itself of its European subsidiary, Hanes Europe Innerwear (HEI). The employees of the companies owned by HEI in Europe, such as underwear brand Dim in France, and Playtex and Shock Absorber in Spain, have been waiting for more than six months for news about their future.
On November 4, HanesBrands finally revealed the identity of HEI’s new owner, a subsidiary of US private equity firm Regent L.P.
“I am very pleased that we have found the best possible partner for our company. Regent L.P., a Los Angeles-based investment firm with proven expertise in the retail and apparel sectors, will become our new financial partner at the end of the ongoing consultations,” said François Riston, president of HEI, in a press release. “Regent’s portfolio includes names such as La Senza, Escada, Club Monaco and Brands4friends. Regent will provide solid financial support and operational know-how. With our highly professional teams, we will reposition our leading brands, notably Dim, on a sustainable growth path. This is a unique opportunity for [HEI] to embark on the road towards an independent future. I would like to take this opportunity to thank our employees for their continued and unbounded commitment,” added Riston.
According to AFP, the transaction was settled for the symbolic figure of €1. The two parties emphasised that a few steps still need to be taken before the deal is finalised, notably consultations with the employee representatives of HEI's companies. The operation is expected to be finalised by Q1 2022.
In France, HEI has 1,200 employees, 650 of whom work at the Dim factory in Autun. In Spain, HEI has more than 200 employees working for Dim, Playtex and Shock Absorber, as well as for local brand Abanderado, a men’s underwear specialist founded in 1963 in Mataro, near Barcelona.
In Germany, HEI has some 400 employees, based in the city of Rheine and looking after the German-speaking and central European countries. The group is a heavyweight in the local underwear market, with brands like Nur Die and Nur Der, created 50 years ago, as well as Elbeo, Edoo, Bellinda, Playtex, Shock Absorber and Wonderbra. Finally, in Italy, HEI is based in Grassobbio, a small town near Bergamo, in Lombardy. It operates notably Lovable, a brand created in 1962 that also specialises in underwear.
Globally, HanesBrands employs some 68,000 people.
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