The popular Australian underwear brand, Bonds, is making plans to enter the Middle Eastern marketplace. Pacific Brands, owner of Bonds, announced that it is hoping to open 20 stores around the Middle East all dedicated to the 100-year-old label.
The move is part of a greater push by Pacific Brands to expand the range of the groups clothing globally. The company has signed a licensing agreement to open stores in shopping centers, although the exact locations have not yet been released.
The first store should be open for business before the end of 2016.
The news of the expansion comes as Pac Brands returns to profitability after two years of not paying dividends to its shareholders. The company has been struggling for the past few years, and the positive announcements are indications that the company has made great headway towards success.
David Bortolussi, CEO, explained that the new, improved performance of Pac Brands came after the company sold off its non-core brands such as Hard Yakka and Volley shoes. This allowed the company to focus more efficiently on higher growth in the underwear and linen markets.
“Our change in strategy in the past 18 months to exit the underperforming businesses to focus on the higher quality part of our portfolio is delivering,” said Bortolussi.