Brett Blundy snaps up Bras N Things and Bonds
Global fashion company Gildan Corp, the ultimate owner of Bras N Things and Bonds in Australia, has just sold its Australian intimate apparel arm to retail billionaire Brett Blundy. Blundy – through an associated entity of his BB Retail Capital business – acquired the HanesBrands Australia business for an approximate valuation of A$700 million, subject to customary purchase price adjustments. This comes eight years after BBRC had sold Bras N Things to HanesBrands for around $500 million.
How this was made
The 30-second read
Why it matters
The transaction is positioned as a leverage-management move, with proceeds earmarked to pay down debt and accelerate return to Gildan’s 1.5x to 2.5x net debt target range. The article also updates Q2 sales and 2026 guidance, providing a near-term fundamentals anchor alongside the divestiture timeline.
Market read
Traders can reassess Gildan’s leverage trajectory and capital allocation given the disclosed divestiture valuation, expected closing window, and stated debt paydown intent, alongside updated 2026 guidance.
What to watch
Regulatory approval timing and customary purchase price adjustments could change net proceeds and therefore the pace of debt reduction versus the stated leverage target.
Background
Gildan previously acquired HanesBrands International in 2025 and had earlier sold Bras N Things to HanesBrands; it now exits the Australian intimate apparel arm (Bras N Things, Bonds, Berlei, Sheridan) via a sale to Brett Blundy.
Ticker impact
Gildan confirmed it sold its Australian intimate apparel arm to Brett Blundy’s BB Retail Capital, with closing expected in H2 2026.
Moderate positive bias if investors view the deal as de-risking leverage toward the 1.5x to 2.5x target range; otherwise limited impact until closing.
The article provides deal valuation (A$700m), timing (H2 2026), and stated debt paydown/leverage objective, but no immediate earnings effect beyond the Q2 update and guidance range.
Market effects
Signals continued consolidation and portfolio reshaping in branded apparel and lingerie distribution in Australia.
May alter competitive dynamics among lingerie brands and retailers in Australia, but the article does not quantify market share impacts.
Limited global read-through beyond apparel capital allocation and leverage management, unless similar divestitures follow.
Counterpoint
The deal’s benefits may be delayed until H2 2026, so near-term valuation impact could be muted versus the market’s focus on ongoing margin and cash flow delivery.
Key entities
- public_companyGildan Corp
Owner of Bras N Things and Bonds in Australia; confirmed sale of its Australian intimate apparel arm and updated 2026 guidance.
- personBrett Blundy
Retail billionaire acquiring the Australian intimate apparel arm through BB Retail Capital’s associated entity.
- companyBB Retail Capital
Blundy’s business vehicle referenced as the acquirer of the HanesBrands Australia business.
