Brett Blundy buys retail brands for $700 million
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- Brett Blundy acquires retail brands, including Bras N Things and Bonds, for $700 million.
- The transaction follows a strategic review of the Australian portfolio initiated after a corporate merger.
- The acquired brands collectively generate approximately $1 billion in annual sales and $80 million in earnings.
Brett Blundy acquired local lingerie and apparel brands, including Bras N Things and Bonds, for $700 million.
The transaction returns Bras N Things to the billionaire investor nearly a decade after he sold the business for about $500 million.
"The opportunity to own such iconic brands as Bonds, Sheridan, Bras N Things and Berlei is a great moment for me," said BB FIT Investments Chairman Brett Blundy.
The portfolio comprises more than 500 retail stores and products sold across thousands of outlets, generating about $1 billion in yearly sales and $80 million in earnings.
The Australian portfolio was previously owned by Pacific Brands before being purchased by Hanesbrands in 2016 and 2018.
The buyer's investment vehicle, BBRC Worldwide, maintains interests in other retail entities, including Lovisa (ASX:LOV) and Victoria's Secret (NYSE:VSCO).