Popular Australian underwear stores sold to billionaire in $700 million deal
Some of Australia’s most popular underwear and homewares brands are heading back into the hands of retail billionaire Brett Blundy after he struck a $700 million deal to buy Bonds, Bras N Things, Berlei and Sheridan.
The acquisition comes after the brands were put up for sale following Hanesbrands’ merger with Canadian clothing brand Gildan Activewear.
Brett Blundy has bought Bonds, Bras N Things, Berlei and Sheridan in a $700 million deal. Bonds.com.au
Gildan confirmed the sale to Blundy’s firm, BBFIT Investments, when releasing its second-quarter results.
“The transaction is expected to close in the second half of 2026, subject to the receipt of required regulatory approvals and customary closing conditions,” it said.
“Proceeds from the transaction will be used to pay down a portion of the company’s outstanding debt.”
Valued at $700 million including debt, the deal brings Blundy back to the business where his retail success began.
He built Bras N Things after buying three franchised Bra Shop stores in the early 1980s, eventually turning the chain into a national retailer before selling it to Hanesbrands for about $500 million in 2018.
Now, the billionaire is back at the helm of the lingerie chain, along with Bonds, Berlei and Sheridan.
“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.”
Brett Blundy. Louise Kennerley
nine.com.au has reached out to Blundy for further comment.
More than 500 stores operate under the four companies, with products also sold through major retailers including Myer, David Jones and Big W.
The businesses generate about $1 billion in annual sales and around $80 million in earnings.
Hanesbrands inherited Bonds, Berlei and Sheridan when it acquired Pacific Brands for $1.1 billion in 2016.
It expanded its Australian lineup two years later by purchasing Bras N Things before the portfolio ultimately came under Gildan’s ownership in August 2025.
After completing that merger, Gildan reviewed its Australian operations and decided to sell the collection of local brands.
Blundy, whose wealth is estimated at about $4 billion by the Australian Financial Review Rich List, has continued investing in retail since selling Bras N Things.
Blundy has snapped up Sheridan, an iconic lifestyle and homewares brand founded in Hobart in 1967. Supplied
He’s chairman of jewellery retailer Lovisa, bought into Queensland fashion label Dissh, took Best & Less private with business partner Ray Itaoui, and launched lingerie brand Leays last year.
His investment company, BBRC Worldwide, is also one of the largest shareholders in Victoria’s Secret – where he tried and failed to replace the board chair earlier this year.
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