Apparel company HanesBrands aims to boost sales by over one billion in the next three years by targeting the Asia market.
An athletic fashion brand, Champion’s sales are expected to grow from $2bn to $3bn by 2024, with Asian markets driving demand. In a growth plan dubbed Full Potential, strategies include investing in key markets such as China, Japan and South Korea, along with the US and some European markets. Champion will also expand its offer in women’s and kids’ apparel and work at deepening its connections with customers.
During the next three years, the company will also expand online channels, building its Champion e-commerce store into “a premier brand and shopping experience globally”. “Full Potential builds on these advantages to deliver approximately $1.2bn in topline growth as well as improved profitability over the next three years,” said Steve Bratspies, CEO at HanesBrands. “The company believes these investments will better empower consumers to shop where, when and how they like to shop,” the company said.
HanesBrands is also working to increase sales of its undergarments brands, including Bonds, by $200 million during the same period.
