Global Brands revenue down 4.1% in H1
Global Brands Group Holding Ltd has entered a new phase of development with a strengthened balance sheet and simplified organisational structure focusing on its core businesses in the first half. The revenue of the company is down by 4.1 per cent to $699 million during the same period.
The company also completed sale of select North American businesses by October 29, 2018 and the estimated price of $1.2 billion in cash was received, according to a media statement from the company. At the same time, in line with its broader strategy of focusing on its core business, Global Brands has also agreed to sell its loss-making kids’ business in China to the controlling shareholders for a cash consideration of $20 million, representing the net tangible asset value of the business as at September 30, 2018. “We are now a financially stronger and more nimble organisation able to adapt to a rapidly changing environment,” said Dr. William Fung, chairman of Global Brands. “Despite significant levels of disruption, both from an industry and a macroeconomic perspective, we are well-positioned to focus on growing our core businesses and take advantage of the opportunities ahead. I am very confident about the company’s prospects.”