WINSTON-SALEM, N.C.—HanesBrands restructures its worldwide imagewear business to exit noncore segments and reduce risk. The company announces the sale of its European imagewear division. In the United States, the company discontinues its private-label production and the plans a divestiture of the Outer Banks brand. Hanes will work with affected customers on transition plans.
To reflect its new strategic direction, the company will change the name of its imagewear operations to branded printwear, which will focus on Hanes and Champion branded products in the U.S., with improved operating margins.
“We are a branded company. That includes being committed to branded printwear in the United States where we can partner with our wholesale customers to take advantage of our strong consumer brands and product differentiation,” Hanes Chairman and Chief Executive Officer, Richard A. Noll, states. “With our exit from Europe, we can devote all of our energies to growing our branded portfolio in core geographies in the Americas and Asia.”