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.
Fast Retailing released H1 results on Thursday, plus its Japanese Uniqlo performance for March. Both reports showed the business is doing well in general, even if the H1 figures showed some smaller brands struggling.
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.
The California-based company, whose brand portfolio includes Cherokee, Hi-Tec, Magnum and Interceptor, has reported a 17% decrease in its third-quarter sales due to ongoing disruption caused by the Covid-19 pandemic.
Uniqlo owner Fast Retailing may have taken a 42% pandemic-linked hit in its latest year but it’s forecasting a 60%+ recovery in its operating profit in the current financial year that ends next August.
The brand ownership and licensing company announced a 22% drop in second-quarter revenues on Wednesday and outlined some of the challenges it anticipates that it will face as the coronavirus crisis evolves.