Naked Brand Group and Bendon complete merger
Fashion and lifestyle brand Naked Brand Group announced today it has completed its merger with intimates company Bendon Limited. The companies will operate as subsidiaries of Naked Brand Group Limited, or "Holdco."
Justin Davis-Rice, Holdco’s chief executive officer, said in a release, “We believe this merger will enable the combined company to strengthen its global industry leadership and continue to drive growth over the long-term."
"Through the use of the U.S. capital markets, we anticipate having financial flexibility to expand distribution networks and further develop our businesses as well as acquire complementary brands," he added
Carole Hochman, Holdco’s newly appointed executive chairman and Naked’s chief executive officer, said the merger creates a formidable portfolio of innerwear, sleepwear and swimwear brands.
Naked's 10 brands span categories of intimates and swim, and are distributed through Macy’s, Nordstrom, Saks Fifth Avenue, Harrods, Selfridges, and Amazon, as well as through independent boutiques and e-commerce sites.
Bendon products are distributed in 40 countries through 4,000 doors. Bendon also has 60 company-owned Bendon retail and outlet stores in Australia, New Zealand and Ireland. It brings a strong supply chain to the merger which includes relationships with 30 factories in Asia.
Bendon also announced its financial results for its fiscal year which ended January 31, 2018, reporting total revenue of $90.4 million USD (NZ$131.4 million) and a net loss of $25.7 million USD (NZ$37.4 million).
Under the merger, Holdco's stock will be traded on The Nasdaq Stock Market under the symbol “NAKD”.
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