Hanesbrands Inc. (HBI)

Hanesbrands Inc. was an apparel company headquartered in Winston-Salem, North Carolina. Its roots go back to 1901, when the Hanes family began manufacturing knitted underwear in the city, and the Hanes name became one of the best-known U.S. basics brands over the following century. The modern company was created in 2006 when Sara Lee Corporation spun off its branded apparel business as an independent public company listed on the New York Stock Exchange under the symbol HBI.

The company designed, manufactured, sourced and sold basic apparel for men, women and children. Its portfolio included Hanes, Bali, Maidenform, Playtex, Alternative and Champion, with products such as underwear, socks, bras, T-shirts, fleece and activewear. Sales were made through mass merchants, department stores, specialty retailers, e-commerce channels and its own outlet stores. Operations were organized around Innerwear, Activewear and International segments, with a substantial presence outside the United States.

Hanesbrands grew in part through acquisitions. It bought Maidenform Brands in 2013 and Gear for Sports in 2014, and in 2016 it expanded in Europe, Australia and the United States with deals that included Champion Europe, Pacific Brands and Alternative Apparel. Champion became the company's largest growth driver for several years, but the business later faced weaker demand, inventory pressure, heavy debt and a difficult wholesale environment for activewear.

In response, management pursued a strategy it described as a simplification of the business. The company sold its Australian operations in 2023 and, in 2024, agreed to sell the Champion brand to Authentic Brands Group. Proceeds were used mainly to reduce debt, leaving Hanesbrands focused on innerwear and basics, with Hanes, Bonds and Maidenform as its core brands.

On August 13, 2025, Hanesbrands announced a definitive agreement to be acquired by Gildan Activewear Inc., a Montreal-based manufacturer of basic apparel listed on the New York Stock Exchange and the Toronto Stock Exchange. Under the terms, each Hanesbrands shareholder was to receive $0.80 in cash and 0.102 of a Gildan common share for each Hanesbrands share. At announcement the combined consideration implied a value of about $6.00 per share, and the transaction was valued at roughly $2.2 billion in equity value. Gildan stated that it expected substantial annual cost synergies from combining the two businesses.

Hanesbrands shareholders approved the transaction at a special meeting held in the fall of 2025, and the required regulatory approvals were obtained. Gildan announced completion of the acquisition on December 1, 2025, after which Hanesbrands became a subsidiary of Gildan. Hanesbrands common stock ceased trading on the NYSE following the close of trading on November 28, 2025, and an SEC Form 25 was filed on December 1, 2025 to remove the shares from listing and registration. Former Hanesbrands holders received Gildan shares for the stock portion of the consideration, and Gildan continues to trade on the NYSE under the symbol GIL.