Aussie icons for sale

Intelligent Investor

It will be a shame to lose another iconic brand but you can’t blame Pacific Brands shareholders if they accept HanesBrands takeover offer. The English city of Nottingham, its warmest month averaging a cool 17 degrees, seems an odd place to find the headquarters of a brand synonymous with Australian beach culture. And yet this gloomy, land-locked English city is home to the global headquarters of Speedo. UGG Australia is another example of an iconic local brand with overseas owners, this one an American footwear company owned by California-based Deckers Outdoor (NYSE:DECK). Swimwear designer Seafolly meanwhile has joined leather boots manufacturer RM Williams in the hands of Louis Vuitton’s (ENXTPA:MC) Asian private equity arm L Capital Asia. It isn’t just in the fashion stakes where once great Aussie icons are no longer calling Australia home. Brands such as Arnotts, Vegemite, Foster’s, Tooheys, Uncle Toby’s and Victa Lawnmowers are now owned by foreign conglomerates. Following HanesBrands (NYSE:HBI) $1.1 billion bid for Pacific Brands (ASX:PBG), it seems Bonds can be added to this list. Read full article here: (VIEW LINK)


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