Hanesbrands

Last updated
Hanesbrands Inc.
Company type Public company
Founded1901;123 years ago (1901)
Founder John Wesley Hanes – Shamrock Mills,
Pleasant H. Hanes – P. H. Hanes Knitting Company
Headquarters Winston-Salem, North Carolina, U.S.
Number of locations
252 outlet stores (2015)
Key people
Stephen B. Bratspies
(CEO) [1] [2]
Scott Lewis
(CFO) [3] [4]
Brands Hanes
Champion
Playtex
Bali
L'eggs
Just My Size
Barely There
Wonderbra
Maidenform
Berlei
Bonds
RevenueIncrease2.svg US$7.0 billion (2019) [5]
Increase2.svg US$889.7 million (2019) [5]
Increase2.svg US$600.7 million (2019) [5]
Total assets Increase2.svg US$7.4 billion (2019) [5]
Total equity Increase2.svg US$1.2 billion (2019) [5]
Number of employees
61,000 (January 2, 2021)
Website www.hanes.com/corporate

Hanesbrands Inc. is an American multinational clothing company based in Winston-Salem, North Carolina. [6] It employs 65,300 people internationally. [7] On September 6, 2006, the company and several brands were spun off by the Sara Lee Corporation.

Contents

Hanesbrands owns several clothing brands, including Hanes, Champion, Playtex, Bali, L'eggs, Just My Size, Barely There, Wonderbra, Maidenform, Berlei, and Bonds.

History

The original Hanes outlet store was housed in a room adjacent to their factory. Hanesbrands currently operates and owns around 220 Hanesbrands, Maidenform and Champion retail stores across the US. [8] The company's flagship store is located in Winston-Salem, North Carolina and opened in summer 2008. Stores range in size from 2,500 to 17,000 square feet Hanesbrands has companies in various parts of Europe and Eastern Europe, including the United Kingdom, Italy, Germany, France and Spain. Sales revenue for 2010 was $4.33 billion and gross profit was $1.41 billion. [9]

In 2011, WikiLeaks revealed that the corporation had previously lobbied the State Department to prevent the raise of Haiti's minimum-wage to $0.61 an hour from $0.31 an hour. [10]

On July 24, 2013, Hanesbrands agreed to acquire Maidenform for $575 million. [11] [12]

On July 15, 2016, Hanes acquired the Australian-based clothing and underwear and clothing company Pacific Brands [13]

In October 2017, Hanes announced a $60 million acquisition of Norcross, GA based Alternative Apparel. [14]

In 2018, the company opened its first brick-and-mortar Champion brand retail store in Los Angeles. [15] Currently there are 20 Champion stores open. [16] Hanesbrands also has companies in United Kingdom, Italy, Germany, France and Spain.

In November 2019, Chief Financial Officer Barry Hytinen left the company for a position at the storage and information management services company Iron Mountain. [17]

Hanesbrands made a statement in April 2021 that Michael Dastugue will be assuming the role of chief financial officer on May 1. The company has not had a permanent CFO since the departure of Barry Hytinen in 2019, with chief accounting officer Scott Lewis serving as the interim CFO since January 2020. Mr. Dastugue, according to analyst David Swartz of Morningstar Research Services, will be leading the company in adapting to a growing customer preference for online shopping. [18] [19] [20]

In June 2024, Hanesbrands announced plans to sell the Champion brand to Authentic Brands for $1.2 billion. [21]

Partnerships

As a collegiate fan apparel supplier, Hanesbrands has partnered with several Universities including Duke University, Florida State, University of Michigan, Auburn University, and Penn State among others. [22] In April 2024, Hanesbrands extended their partnership with Duke for a further 5 years [23] [24] and in May 2024, the brand announced a five-year extension of its current partnership with TCU, one of more than two dozen elite schools that have special retail partnerships with Hanesbrands. [25]

Company Culture

Controversy

May 2022 ransomware attack

Two separate legal actions were filed in February 2023 regarding a ransomware attack in May 2022. The legal actions were combined in North Carolina on behalf of 75,000 staff members. The lawsuits claimed that the ransomware breach exposed both present and past employees to the risk of identity theft, and asserted that the company lacked sufficient safety protocols in place.

Hanesbrands offered a settlement in April 2024. [26]

2024 Worker Rights Consortium Report

Hanesbrands and Gildan Activewear were implicated in a Worker Rights Consortium (WRC) report in March 2024 for failing to pay wages to employees at a Central American factory. The report highlights that Central American garment workers, who manufactured products for these companies, were illegally deprived of $2 million in compensation since the factory closed two years ago. According to the report, 831 workers at the APS factory in Ilopango, El Salvador, were unlawfully denied back wages, severance, and other benefits following the facility's closure, as confirmed by the Salvadoran Ministry of Labor. [27]

See also

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References

  1. ↑ "Board of Directors | Hanesbrands Inc". ir.hanesbrands.com.
  2. ↑ "HanesBrands Board of Directors Appoints Stephen B. Bratspies as Chief Executive Officer, Effective Aug. 3, 2020". www.businesswire.com. June 9, 2020.
  3. ↑ Hardison, Kathryn (12 January 2023). "Hanesbrands CFO Michael Dastugue Resigns; Scott Lewis Named Interim CFO". Wall Street Journal.
  4. ↑ "HanesBrands Updates Fourth Quarter 2022 Financial Outlook; Announces Departure of Chief Financial Officer Michael Dastugue and Refinancing Plans". www.businesswire.com. 12 January 2023.
  5. 1 2 3 4 5 "HBI Income Statement — Hanesbrands Inc. Stock — Yahoo Finance". finance.yahoo.com. Retrieved 15 June 2020.
  6. ↑ "Contact us". Hanesbrands. Retrieved on October 26, 2010. "Hanesbrands Inc. 1000 East Hanes Mill Road Winston Salem, NC 27105 United States."
  7. ↑ "Hanesbrands Inc. :: Our Company". www.hanesbrands.com. Archived from the original on November 28, 2006.
  8. ↑ "Hanesbrands Outlets Website". Hanesbrands Outlets Website. Hanesbrands. Retrieved 3 December 2022.
  9. ↑ According to 2010 Form 10-k.
  10. ↑ Johnson. "WIKILEAKS: U.S. Fought To Lower Minimum Wage In Haiti So Hanes And Levis Would Stay Cheap". Business Insider.
  11. ↑ "Hanes to Buy Maidenform for $575 Million". The New York Times. July 24, 2013. Retrieved July 25, 2013.
  12. ↑ "Hanes to Buy Maidenform for $575 Million". The Wall Street Journal. July 24, 2013. Retrieved July 25, 2013.
  13. ↑ "HanesBrands Completes Acquisition of Pacific Brands Limited". Company announcement. 28 April 2016.
  14. ↑ "Hanesbrands acquires Georgia apparel firm for $60M". www.bizjournals.com. Retrieved 2020-06-08.
  15. ↑ Whittington, Lloyd (2018-04-09). "Hanebrands' Champion opens first U.S. retail store (PHOTOS)". www.bizjournals.com. Retrieved 2020-01-17.
  16. ↑ "Champion Stores Listing". ChampionUSA. Retrieved 2013-07-25.
  17. ↑ Warfield, Andy (2019-11-26). "Triad apparel company CFO resigns to take job with Boston company". www.bizjournals.com. Retrieved 2020-01-17.
  18. ↑ Broughton, Kristin (2021-04-29). "HanesBrands Names New CFO as Pandemic, E-Commerce Weigh on Its Business". Wall Street Journal. ISSN   0099-9660 . Retrieved 2021-04-30.
  19. ↑ Singh, Prachi (2021-04-29). "Michael Dastugue to join HanesBrands as CFO". FashionUnited. Retrieved 2021-04-30.
  20. ↑ "HanesBrands Names Michael Dastugue Chief Financial Officer". finance.yahoo.com. Retrieved 2021-04-30.
  21. ↑ Conlon, Sean (2024-06-05). "Hanesbrands to sell Champion brand to Authentic Brands in $1.2 billion deal". CNBC. Retrieved 2024-06-05.
  22. ↑ Ducouer, Nicole (2024-04-09). "HanesBrands and Duke University Extend Long-term Apparel Partnership". www.businesswire.com. Retrieved 2024-04-11.
  23. ↑ "HanesBrands Inc. Extends Mass Channel Apparel Partnership with Duke | SGB Media Online". sgbonline.com. 9 April 2024. Retrieved 2024-04-11.
  24. ↑ Reporter, RICHARD CRAVER Staff (2024-04-09). "HanesBrands signs five-year fanwear apparel extension with Duke". Winston-Salem Journal. Retrieved 2024-04-11.
  25. ↑ "HANESBRANDS AND TCU EXTEND LONG-TERM APPAREL PARTNERSHIP". Newsroom HanesBrands.
  26. ↑ Reporter, RICHARD CRAVER Staff (2024-04-09). "HanesBrands offers settlement to employees affected by ransomware attack. Employees will have option of credit monitoring, $50 store credit or $35 cash payment". Winston-Salem Journal. Retrieved 2024-04-11.
  27. ↑ Nishimura, Kate (2024-03-21). "Hanesbrands Named in WRC Report for Nonpayment of Worker Wages at Central American Factory". Yahoo Life. Retrieved 2024-04-11.

Further reading

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