The local supplier of Champion, Leluu, Performax and Track N Field brands has been acquired by US apparel company HanesBrands.
TNF Group, based in Victoria, has been the local licensee for HanesBrands' Champion label since 2009, along with a slate of other sportswear brands. TNF Group and its 60 employees will now be integrated into the HanesBrands business following a US$9 million (A$8.362 million) purchase agreement.
HanesBrands president of international business, Gerald Evans, said the TNF Group acquisition would allow it to pursue “significant” growth opportunities in Australia and New Zealand.
“TNF's activewear business, which had continually expanded Champion sales since the 2009 licence agreement, has an outstanding management team and workforce that are the best in their category and fit well with our growth culture,” Evans said.
The acquisition is in line with HanesBrands' increasing focus on international sales. The company revealed international sales grew 16 per cent last year to account for 12 per cent of total company sales. In 2011, HanesBrands expects its international sales growth to be “in the high teens or better”.
Other labels in HanesBrands' portfolio include Hanes, Playtex, Barely There and Wonderbra.
In addition to the Champion licensing deal, TNF Group manages distribution for activewear labels Leluu, Track N Field, Player and Performax. It also sells custom sports clothing to schools and has three retail stores. The company's managing director is Guy Tuthill.