HanesBrands Announces Full Potential Plan to Drive Approximately $1.2 Billion in Incremental Revenue and Operating Margins Above 14% by 2024
HanesBrands Inc. (NYSE: HBI), a global leader in iconic apparel brands, today unveiled Full Potential, a three-year growth plan designed to drive approximately $1.2 billion in incremental revenue and expand operating margins to 14.3% by 2024.
Full Potential unlocks the enormous opportunities of HanesBrands, building on its iconic brands, world-class supply chain, deep consumer loyalty, broad channel distribution and global footprint. The plan drives rapid growth of the Champion brand by investing in key geographic markets, expanding into women’s and kids’ apparel and casual footwear, and creating a premiere online experience at Champion.com.
Full Potential also seeks to drive renewed innerwear growth by delivering innovation and breakthrough marketing that appeals to younger consumers. The company is investing in its portfolio of leading innerwear brands and expanding its e-commerce and digital capabilities to deliver a seamless consumer experience to drive growth with retail partners and in online channels.
“HanesBrands is an amazing company with a portfolio of strong, iconic brands and significant and sustainable competitive advantages,” said CEO Steve Bratspies. “Full Potential builds on these advantages to deliver approximately $1.2 billion in topline growth as well as improved profitability over the next three years. We are putting the consumer at the center of everything we do. We’ll do this by investing in innovation that delivers products that meet consumers’ needs and by creating a seamless experience that lets consumers shop for our products how, when and where they want to shop.”
Full Potential Plan
The Full Potential plan consists of four growth pillars:
- Grow global Champion. The plan calls for Champion to become a $3 billion global brand by 2024, representing a 14% compound annual growth rate (CAGR) from projected 2021 sales of approximately $2 billion.
Consumers view Champion as uniquely able to meet the needs of both lifestyle and athletic apparel. The company is increasing investment behind the Champion brand platform, “Be Your Own Champion,” to tap into the significant growth opportunity at the intersection of sports and lifestyle.