HanesBrands owned Champion, Hanes, Playtex — it sold its crown jewel and still lost

HanesBrands spun off from Sara Lee in 2006 with an iconic portfolio of American apparel brands: Hanes, Champion, Playtex, Bali, and Maidenform. It pursued debt-funded acquisitions while underinvesting in brand marketing. By the late 2010s, private labels from Walmart and Target ate its core underwear business.

Champion became a streetwear phenomenon, but HanesBrands sold it at discount retailers. When the trend peaked, ubiquity killed its cachet. In June 2024, it sold Champion for $1.2 billion to Authentic Brands Group to pay down mounting debt.

The sale bought time but not survival. In fiscal 2024, it reported a $320 million net loss on $3.51 billion revenue. Total equity was $34 million. In December 2025, Gildan acquired the 120-year-old company for $2.2 billion.

Sold Champion for $1.2B to pay debt, but losing its highest-margin brand left $34M equity and a $320M loss, then Gildan bought it for $2.2B.

HanesBrands loaded up on debt for acquisitions while underinvesting in its brands, leaving it vulnerable when private label competitors eroded its core underwear business

When Champion became a streetwear phenomenon, management failed to protect the brand's exclusivity — it was sold at Walmart and Target, diluting the cachet that made it valuable

The company sold Champion for $1.2B to pay down debt, but losing its highest-margin brand left it with only $34M in equity and a $320M net loss

Gildan acquired the 120-year-old company for $2.2B — a price that reflected a company that had sold its future to survive the present

HanesBrands did not die from a single bad decision. It died from a thousand small ones: underinvesting in brands, overloading on debt, and letting its hottest brand become too common to be cool.