As it continues efforts to rightsize its portfolio and repay its debt, Hong Kong’s Global Brands Group has announced the sale of its Spyder business in Korea to Alpha Vista Investment Co. for $40 million.
The label managed to limit its 2020 sales shortfall to 10% and is bolstering its licensing strategy, announcing a new partnership for underwear and swimwear, two key categories, with Italian manufacturer Area B.
In a year when the Hong Kong-based brand management group embarked on an ambitious restructuring program and had to face up to the disruptions caused by the Covid-19 pandemic, the company saw its revenue fall 29%.
The global sourcing giant has grown vulnerable in the last few years, and was given the green light by its shareholders to delist from the Hong Kong stock exchange to protect its capital amidst the health emergency.
The Hong Kong-based apparel, footwear and brand management company announced on Thursday that it has made significant progress in reducing its net loss as it continues to push forward with aggressive restructuring.