The owner of Tommy Hilfiger and Calvin Klein is focusing on its flagship labels and has sold its heritage brands for $220 million, in a deal that has made Authentic Brands (ABG) a specialist in formal American menswear.
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.
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 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.
In April, Volcom was sold by Kering to a pool of investors including the US brand’s management. It has ambitious plans for the future, as Todd Hymel, CEO of Volcom’s new owner Liberated Brands, told FashionNetwork.com.
The company formed when VF spun off its jeanswear business in May announced on Monday that it has named the denim industry veteran as the new managing director of its Europe, the Middle East and Africa region.