A $700 Million Homecoming for Iconic Aussie Brands

Australian retail billionaire Brett Blundy has struck a $700 million deal to acquire some of the country's most iconic underwear and homewares brands: Bonds, Bras N Things, Berlei, and Sheridan . The acquisition brings the portfolio back under Australian ownership after years under North American control .

The sale was confirmed by Gildan Activewear, the Canadian clothing giant that inherited the brands following its merger with Hanesbrands in August 2025 . The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions . Gildan stated that proceeds from the sale will be used to pay down a portion of its outstanding debt .

Blundy's investment company, BBFIT Investments, will acquire the brands, which collectively operate more than 500 stores across Australia and generate approximately $1 billion in annual sales and around $80 million in earnings . The brands are also sold through major retailers including Myer, David Jones, and Big W .

A Full Circle Moment for Blundy

The deal represents a significant homecoming for Blundy, whose retail empire began with Bras N Things in the early 1980s . He purchased three franchised Bra Shop stores and grew the business into a national chain before selling it to Hanesbrands in 2018 for approximately $500 million .

"The opportunity to own such iconic brands as Bonds, Sheridan, Bras N Things and Berlei is a great moment for me," Blundy told the Australian Financial Review . "I look forward to riding the next chapter of growth with these great brands, their teams and our many retail partners" .

A History of Iconic Australian Brands

The brands acquired in the deal each have deep roots in Australian retail history:

• Bonds and Berlei are among Australia's oldest brands, both founded in Sydney in the early 1900s .

• Sheridan was launched in Hobart in 1967 and has become a staple in Australian bedding and homewares .

• Bras N Things was established by Blundy himself and grew into a national leader in lingerie retail .

The portfolio came under common ownership when Hanesbrands acquired Pacific Brands for $1.1 billion in 2016, inheriting Bonds, Berlei, and Sheridan . Hanesbrands later expanded its Australian lineup by purchasing Bras N Things in 2018 .

Blundy's Retail Empire Continues to Grow

Blundy, whose wealth is estimated at approximately $4 billion, has continued to expand his retail investments since selling Bras N Things . He serves as chairman of jewellery retailer Lovisa, bought into Queensland fashion label Dissh, and took Best & Less private with business partner Ray Itaoui . He also launched a new lingerie brand, Leays, last year .

His investment company, BBRC Worldwide, is also one of the largest shareholders in Victoria's Secret, where he previously attempted to replace the board chair . The acquisition of these iconic brands further solidifies Blundy's position as one of Australia's most influential retail figures .