Global Brands Group
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Parent The Fung Group | | |
Website | www |
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Global Brands Group Holding Limited (
The company works with brands under its four business verticals: Men's and Women's Fashion, Footwear and Accessories, Kids and Brand Management. The products are sold across multiple geographies and through various distribution channels, including department stores, hypermarkets/clubs, off-price retailers, independent chains, and specialty retailers. While Global Brand's business is primarily wholesale, the Group also makes strategic investments in direct-to-consumer retail.
The company designs, develops, markets and sells products under a diverse array of owned and licensed brands, such as Spyder.[6]
Background
The history of Global Brands Group can be traced back to 2005 when Li & Fung Limited established a wholesale business focusing on private label and branded apparel in order to broaden its relationships with existing and new retailer customers. On 4 December 2013, in preparation for the spin-off from Li & Fung and Listing, Global Brands Group was incorporated in Bermuda. On 13 December 2013, it became a wholly owned subsidiary of Li & Fung.[7]
On 9 July 2014, Global Brands Group was listed on the Main Board of the Hong Kong Stock Exchange by way of introduction as a result of a spin-off from Li & Fung. Its business is now separate and independent from Li & Fung's trading and logistics businesses.[7]
On 3 December 2014, Global Brands Group, together with David Beckham announced the launch of a joint venture, Seven Global, to drive the continued development of all consumer product categories around David Beckham.[8]
On 15 June 2016, Global Brands announced a joint venture with Creative Artists Agency for its brand management business called CAA-GBG, which instantly became a global brand management company but post serious financial loss in subsequent years.[9][10]
On 7 September 2016, Global Brands announced a new joint venture with Katy Perry to grow the Katy Perry brand into new consumer product categories with footwear being the first category to launch.[11]
In October 2018, Bruce Rockowitz stepped down as CEO after the sale of the company’s North American assets to Nasdaq-listed Differential Brands Group at US$1.2 billion.[12] Richard Nixon Darling was appointed CEO and presided over the beginning of the end of the company.
For financial year 2020 the company posted a loss of US$584 million vs a loss of US$388 million in 2019, widening by almost US$200 million. In a mind-boggling move, the board has allowed CEO Richard Nixon Darling's remuneration to increase more than 12-fold during this period, from US$516,000 in 2019 to US$6,592,000 in 2020.[13]
On 17 June 2021, the sale of Spyder to a Korean investor netting US$19.5 million was completed but at the same time the company issued a warning to investors over its ability to continue to trade as a going concern.[14]
On 21 July 2021, trading of the shares on the Hong Kong stock exchange was halted after it was unable to submit its year-end results. Its shares were at HKD 0.189 at the time suspension, making for a market capitalization of HKD 194.4 million, or about $25 million.[15]
On 29 July 2021, GBG USA commences voluntary Chapter 11 proceedings and is putting its apparel and footwear brands up for sale with help from a $16 million bankruptcy loan.
Management
- William Fung (Chairman)
References
- ^ "Our Offices :: Global Brands Group Holding Limited". www.globalbrandsgroup.com. Archived from the original on 26 September 2018. Retrieved 26 September 2018.
- ^ "Global Brands Group is technically insolvent, despite latest asset sale". Inside Retail. June 17, 2021.
- ^ Clark, Evan (July 2, 2021). "Global Brands Shares Halted".
- ^ Hayes, Dade (2022-04-06). "CAA Acquires Full Ownership Of Global Brands Group Joint Venture". Deadline. Retrieved 2022-10-09.
- ^ Jaafar, Ali (2016-06-15). "CAA Creates Brand Management Joint Venture With Global Brands Group Limited Holding". Deadline. Retrieved 2022-10-09.
- ^ "Brands :: Global Brands Group Holding Limited". www.globalbrandsgroup.com. Archived from the original on 26 September 2018. Retrieved 26 September 2018.
- ^ a b Listing Document, Global Brands Group, dated 26 June 2014
- ^ http://doc.irasia.com/listco/hk/gbg/press/p141203.pdf Archived 2020-02-28 at the Wayback Machine [bare URL PDF]
- ^ "Press Release" (PDF). Archived from the original (PDF) on 2017-01-18. Retrieved 2017-01-17.
- ^ http://www.irasia.com/listco/hk/gbg/announcement/a164061-e_businessupdate_20160829.pdf Archived 2017-01-18 at the Wayback Machine [bare URL PDF]
- ^ http://file.irasia.com/listco/hk/gbg/press/p160907.pdf Archived 2017-01-18 at the Wayback Machine [bare URL PDF]
- ^ "Bruce Rockowitz steps down after Global Brands sell-off". Inside Retail. 2018-10-30. Retrieved 2021-07-30.
- ^ "FY2020 Annual Report" (PDF).
- ^ "Global Brands Group is technically insolvent, despite latest asset sale". Inside Retail. 2021-06-17. Retrieved 2021-07-30.
- ^ "Yahoo Finance". 2 July 2021.
- ISSN 0099-9660. Retrieved 2021-07-30.
- ^ "Global Brands Group North American Arm Files for Ch. 11". finance.yahoo.com. 29 July 2021. Retrieved 2021-07-30.
- ^ "Global Brands' US business files for bankruptcy". Retail Dive. Retrieved 2021-07-30.