Sock maker Renfro Brands acquired by Renco Group
Posted June 10, 2021
With 100 years of history and experience in the legwear industry, Renfro will further diversify The Renco Group's portfolio while deepening its businesses within manufacturing. Through The Renco Group's decentralized business model, Renfro's leadership will partner with The Renco Group to solidify its position within the market while developing a long-term strategy for growth.
"We actively pursued Renfro Brands as they are the clear leader within their category and are poised for continued growth," said Ari Rennert, president, The 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 Brandsaligns with our values and represents the right opportunity to expand our portfolio."
The Renco Group is committed to making long-term investments in Renfro, building value over time by retaining earnings and reinvesting in the business. Renfro's existing management team, including that of the newly launched DTC marketplace Loops & Wales, will partner with The Renco Group on new areas of investment. Under the new ownership, investment will focus on consumer connectivity, operational agility and brand management.
"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," said Stan Jewell, CEO, Renfro Brands. "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."
Today, Renfro stewards over 20 globally recognized brands spanning the essentials, fashion, athletics, outdoors, work and wellness categories. Renfro's brand portfolio model includes Fruit of the Loom, Dr. Scholl's, Merrell, Copper Defense, Smartwool and more, including fashion sock labels Hot Sox and K. Bell.
The brand's commitment to sock manufacturing has resulted in long, trusted relationships with large retailers such as Macy's, Walmart, Costco and Amazon as well as brand licensors. Under The Renco Group, Renfro will aim to create a best-in-class brand management experience for licensing partners and continue to build and balance their brand portfolio to drive value proposition and new business.
Source: Renfro Brands