- Prachi Singh
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Global Brands Group Holding Limited, announcing its results for the
12-months ended March 31, 2019 said that revenue of the group’s continuing
operations decreased by 4.6 percent compared to last year, primarily due to
eliminating unprofitable businesses. While net loss of the continuing
operations increased to 250 million dollars, net loss attributable to
shareholders improved by 55.7 percent to 400 million dollars. The company
also said that following the completion of a strategic divestment in
October last year, which involved select
North American licensing businesses, the group has been transformed into a
leaner and more focused operation.
Commenting on the update, Rick Darling, Chief Executive Officer of
Global Brands said in a statement: “The restructuring program we announced
in November last year aimed at further improving our operating
efficiencies. I would like to report that we are now making significant
strides towards achieving our target of reducing 100 million dollars in
operating expenses and are well on our way to exceeding this initial
target. Our goal is to complete the restructuring program by the end of the
2020 fiscal year.”
The group now manages businesses in three segments, North America,
Europe, and brand management.
Picture:Facebook/Juicy Couture
