NEW YORK (AP) -- HanesBrands said Monday that it has closed the acquisition of Maidenform Brands for about $583 million. The combination is the biggest development in the $11.5 billion underwear industry in years.
HanesBrands, based in Winston-Salem, N.C., said that it expects to discuss the additional sales, profit and expenses related to the deal during an earnings call with investors in late October or early November.
The two companies announced the pact on July 24. The acquisition adds brands like Maidenform, Flexees and Self Expressions to the Hanesbrand roster that includes Playtex, Bali, Champion, Wonderbra and its namesake Hanes. Maidenform is based in Iselin, N.J.
Traditional bra and underwear makers are facing tough competition.Specialty stores such as Victoria's Secret focus on frilly designs. And newer rivals like Spanx make garments that promise to control and smooth out bulges.