Brand Divestiture to Provide Non-Dilutive Financing Through Trademark Monetization & Increase Operational Efficiencies as Part of Strategic Turnaround
SYDNEY / ACCESSWIRE / January 21, 2020 / Naked Brand Group Limited (NASDAQ:NAKD) ("Naked" or the "Company"), a global leader in intimate apparel and swimwear, has announced an agreement for the strategic brand divestiture of its Naked brand as part of the Company's ongoing strategic turnaround, which is expected to increase operational efficiencies firm-wide while providing new non-dilutive financing through the monetization of Naked brand trademarks.
The company has exited the U.S. market with the Naked brand over the last 12 months as part of these strategic turnaround efforts. Per the terms of the agreement, the Naked brand trademarks will be sold to an Italian apparel company. All designs used in Naked brand products will be retained by the company for future use across its portfolio of brands. The sale of the Naked brand is expected to close by the end of January 2020.
"We are pleased to announce the divestiture of Naked brand trademarks as part of our strategic turnaround," said Anna Johnson, Chief Executive Officer of Naked Brand Group. "While Naked brand products enjoyed modest sales in the United States, the lack of foreign demand has led us to monetize the trademarks and retain the designs as part of our new focus to build Bendon as our master brand globally, leveraging its storied 72-year history. This represents yet another step in our roadmap to profitability and I look forward to providing more exciting updates on our turnaround initiatives as appropriate," concluded Johnson.
Further details about divestiture of the Naked brand trademarks are available on Form 6-K, which is accessible in the investor relations section of the Company's website at www.nakedbrands.com and through the U.S. Securities and Exchange Commission's website here.
About Naked Brand Group Limited:
Naked Brand Group Limited (NASDAQ: NAKD) is a leading intimate apparel and swimwear company with a diverse portfolio of brands. The company designs, manufactures and markets a portfolio of 11 company-owned and licensed brands, catering to a broad cross-section of consumers and market segments. Brands include Bendon, Bendon Man, Davenport, Fayreform, Hickory, Lovable, Pleasure State, Heidi Klum Intimates, Heidi Klum Man, Heidi Klum Swim and Fredericks of Hollywood. For more information please visit www.nakedbrands.com.
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MZ North America
SOURCE: Naked Brand Group Limited