MOUNT AIRY, N.C., June 9, 2021 /PRNewswire/ -- Renfro Brands, the leading manufacturer and marketer of the world's preeminent sock brands, announces new ownership with the private holding company, The Renco Group, Inc. 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," says 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 Brands aligns 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," says 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.
To learn more about Renfro Brands visit Renfro.com.
ABOUT RENFRO BRANDS
Renfro Brands is a leading designer, manufacturer, and marketer of quality socks and legwear products. Founded in 1921, the company pioneered some of the earliest innovations in sock manufacturing, from standardizing sock sizes to eliminating toe seams. Over the course of a century, Renfro's operation of 25 employees has grown to become an industry leader with over 2,000 employees worldwide. Today, Renfro Brands is a recognized expert and brand steward of over 20 globally loved sock brands, including Polo, Fruit of the Loom, Merrell, Dr. Scholl's and Hot Sox. The company continues to breathe new life into the industry with the launch of Loops & Wales, an online destination for discovering, styling, and buying socks. Discover how Renfro Brands is leading the sock industry at Renfro.com
ABOUT THE RENCO GROUP:
The Renco Group, Inc. is a private, family-owned investment holding company founded in 1975. Based in New York, the company has established a reputation as a global leader within a diverse range of businesses. With more than $5 billion in portfolio company revenues and 15,000 portfolio employees world-wide, The Renco Group, Inc. provides its affiliates with the long-term stability and support necessary for its management teams to maximize the inherent value of their companies.
Kristina Rivera | KWT Global