×
69 569
Fashion Jobs
OLD NAVY
General Manager - The Sands
Permanent · OCEANSIDE
OLD NAVY
Asset Protection Coordinator - Oakland Area
Permanent · CONCORD
OLD NAVY
Asset Protection Coordinator - Jamaica Center
Permanent · NEW YORK
OLD NAVY
Asset Protection Coordinator - Jackson Heights
Permanent · NEW YORK
OLD NAVY
Asset Protection Coordinator - Rego Park s/c
Permanent · NEW YORK
ATHLETA
General Manager - Rice Village
Permanent · HOUSTON
OLD NAVY
Asset Protection Service Representative - Jackson Heights
Permanent · NEW YORK
NEIMAN MARCUS
Loss Prevention Investigator, 37.5-Hours - Northbrook
Permanent · Northbrook
NEIMAN MARCUS
Senior Restaurant General Manager
Permanent · Beverly Hills
JCPENNEY
Beauty Field Manager - Greater Atlanta Area
Permanent · Plano
JCPENNEY
Salon Manager Btc - River Oaks Shopping Center
Permanent · Calumet City
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Elizabethtown
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Worcester
KOHLS
Full-Time Loss Prevention Officer
Permanent · Folsom
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Elk Grove
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Medford
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Clifton Park
KOHLS
Full-Time Loss Prevention Officer
Permanent · Albuquerque
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Rochester
KOHLS
Full-Time Loss Prevention Officer
Permanent · Beaumont
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Louisville
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Clarksville
Published
Apr 30, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

GBG sells off Spyder brand assets in South Korea

Published
Apr 30, 2021

As it continues efforts to rightsize its portfolio and repay its debt, Hong Kong’s Global Brands Group (GBG) has announced the sale of its Spyder business in South Korea to Alpha Vista Investment Co. for a cash consideration of $40 million.


GBG expects to close the transaction before the end of May - Instagram: @spyder_korea

 
The transaction will involve the sale of all of the units of GBG’s wholly owned Korean subsidiary, Global Brands Group Korea Ltd., which designs, develops, markets and sells kids, men’s and women’s apparel, footwear, fashion accessories and lifestyle products under the Spyder brand in South Korea.
 
Spyder is owned by New York-based Authentic Brands Group, which licenses the brand to Global Brands Group Korea in the country. This license will now be acquired by a special purpose company owned by Alpha Vista, called Snow Vista Co., Ltd..

According to GBG, its Spyder Korea business contributed approximately $70.5 million to its total revenue during the nine-month period ended December 31, 2020, compared to the $472.9 million achieved through its other businesses.
 
In a filing submitted to the Hong Kong Stock Exchange, the company explained that, with the sale of the retail-oriented business, it hopes to rightsize its product and brand portfolio by reaffirming its focus on wholesale. The group is planning to use funds from the transaction to repay part of its existing bank debts.
 
Alpha Vista is a South Korean private equity investment firm, which is primarily focused on managing private equity funds. The sole representative director of the company is currently Songpil Hur, a professional investor with 17 years of experience, who holds 50% of the firm. The other 50% is held in aggregate by three other professional investors.
 
The transaction is subject to approval by GBG’s shareholders at a special general meeting, the date for which is yet to be established. Currently, the company expects to complete the transaction by May 27, 2021.

Copyright © 2023 FashionNetwork.com All rights reserved.