Socks proceed to be fashionable among the many style sector and two producers have had vital adjustments of their operations.
Renfro Brands, a century-old producer that holds licenses for well-known sock manufacturers together with Fruit of the Loom, Merrell and Smartwool, has been offered to The Renco Group, Inc. The buy contains Loops & Wales, Renfro’s direct-to-consumer e-commerce website. Terms weren’t disclosed.
“We actively pursued Renfro Brands as they are the clear leader within their category and are poised for continued growth,” mentioned Ari Rennert, president of Renco Group. “With a unique combination of best-in-class owned and licensed brands, longstanding relationships with leading retailers, unparalleled development and supply chain capabilities, and a top-tier management team, Renfro Brands aligns with our values and represents the right opportunity to expand our portfolio.”
The plan is to proceed to broaden Renfro’s attain and diversify its portfolio by reinvesting within the enterprise, Renco Group mentioned. The present administration workforce, led by Stan Jewell, chief government officer, will stay on board.
“As Renfro Brands enters its monumental hundredth year in business, we are thrilled by the opportunity to not only further invest in talent, performance marketing and technology but to also elevate our supply chain resilience through The Renco Group’s manufacturing experience,” Jewell mentioned. “We are brand stewards and this acquisition strengthens our commitment to position brand management as one of our core competencies to create and drive more value internally and externally.”
Renfro is the sock licensee for greater than 20 manufacturers within the athletic, out of doors, work, wellness and style classes which are offered in retailers starting from Macy’s, Walmart and Costco to Amazon. Since its founding in 1921, it has been credited with standardizing sock sizes and eliminating toe seams. It employs some 2,000 folks.
Renco Group was based in 1975 and is a family-owned funding holding firm with greater than $5 billion in revenues and 15,000 workers worldwide. Its holdings embody mining and mineral restoration, protection gear and automotive provides.
In addition earlier this week, Balega International, a Durham, N.C.-based efficiency sock model, mentioned that its founders, Tanya and Bert Pictor, will exit the enterprise on June 30. The Pictors offered Balega to Implus, a producer of footwear equipment, hosiery and different merchandise, a number of years in the past however had remained with the model.
As a part of the succession plan, Jenna Campbell has joined the corporate as vp class and model improvement for efficiency hosiery and can oversee the Balega model. Campbell had beforehand labored at Adidas and Merrell and likewise served as a guide within the well being care and wellness, way of life, sporting items, out of doors and personal fairness industries. She will report back to Ryan Cruthirds, chief world model and class improvement government.
Tanya Pictor mentioned, “Jenna is an outstanding addition to the new Balega leadership team, bringing immense experience in apparel and footwear. We feel very fortunate to welcome Jenna to the business and we will be working to ensure a seamless transition of leadership as she assumes her new role.”