David Beckham in talks to buy out Global Brands Group JV
David Beckham’s management company is in negotiations to take full control of his product licensing joint venture from Hong Kong-listed Global Brands Group (GBG), a news report claimed on Wednesday.
The talks are at an early stage but would see David Beckham Ventures Limited (DBVL) becoming the sole or majority owner of Seven Global. That company was formed in 2015 and controls the footballer-turned-global-superstar’s long-term commercial partnerships such as the one with Adidas and Rolex’s Tudor watch brand, as well as his Safilo eyewear deal and Coty fragrance deal.
The talks were reported by Sky News and quoted “people close to the situation” saying that they only started last week.
The report also said that the purchase of GBG’s stake could cost Beckham roughly £29 million ($40 million). DVBL currently holds a 49% stake in the JV.
Sky also said that the Seven Global operations are a major profits driver for GBG.
Beckham also has a wider portfolio of investments and endorsements, and recently took stakes in electric car venture Lunaz and synthetic cannabinoids product company Cellular Goods.
Neither party has commented on the report.
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