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Sara Lee sheds Wonderbra

Sara Lee Corp said on Wednesday it was spinning off its Wonderbra brand and other apparel operations in its Hanesbrands unit as a separate, publicly traded company this summer.

DNA Web Team

Updated : Sep 14, 2017, 03:30 PM IST

NEW YORK: Sara Lee Corp said on Wednesday it was spinning off its Wonderbra brand and other apparel operations in its Hanesbrands unit as a separate, publicly traded company this summer.

The move, announced last year and confirmed with a regulatory filing announced on Wednesday, is part of an effort by Chicago-based Sara Lee to focus on foods, beverages, and household and personal-care products.

Hanesbrands, with operations in the Americas and Asia, has a prominent portfolio of apparel names, including Hanes, Champion, Playtex, Bali, Just My Size, Barely There and Wonderbra.

Sara Lee said the brands hold either the number one or number two US market position by sales in most categories in which they compete.

"With the spin-off of Hanesbrands, we will be significantly closer to becoming a single, integrated operating company focused on delivering high-quality, innovative food, beverage, and household and body care products to consumers around the world," Brenda Barnes, Sara Lee chairman and chief executive, said.

The business generated $4.7 billion in net sales last year.

A Securities and Exchange Commission filing shows that sales declined mainly as the company discontinued product lines with thinner profit margins in the innerwear, outerwear and international segments, and shipped less sheer hosiery.

Other factors in the sales decline were lower selling prices and changes in product mix.

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