×
69 372
Fashion Jobs
SAVE THE DUCK
PR Manager
Permanent · NEW YORK
ESTEE LAUDER
Lead, Business Analysis, West Coast Cluster Brands
Permanent · Irvine
GAP INC.
Manager, Hroc And People Operations
Permanent · San Francisco
RAG & BONE
Sales Supervisor (Full -Time) - Fillmore
Permanent · San Francisco
SALLY BEAUTY CORPORATE
Outside Sales Representative -Cosmoprof
Permanent · Cleveland
NORDSTROM
Asset Protection - Agent - Bellevue Square
Permanent · Bellevue
DESIGNER BRANDS
General Manager
Permanent · Houston
BANANA REPUBLIC
General Manager - Bellevue Square
Permanent · Bellevue
CENTRIC BRANDS
Senior Manager, Production
Permanent · New York
ADIDAS
Sales Support Representative
Permanent · Carlsbad
ADIDAS
Senior Manager Business Process - Scm Retail Operations
Permanent · Portland
OLD NAVY
Assistant General Manager - Huntington - wv
Permanent · Barboursville
OLD NAVY
Assistant General Manager - Shoppes at Fox River
Permanent · Waukesha
OLD NAVY
General Manager - Walpole
Permanent · Walpole
OLD NAVY
sr. Director, Store Experience & Communications (Remote)
Permanent · San Francisco
OLD NAVY
Asset Protection Service Representative - Woodbury Common
Permanent · Woodbury
ASCENA
Store Sales Manager
Permanent · Baltimore
ASCENA
pt Sales | Stock Lead
Permanent · Aurora
ASCENA
Stock Lead
Permanent · Omaha
ASCENA
Sales Manager—Part-Time/Flexible Scheduling
Permanent · Savannah
ASCENA
Part-Time Sales Manager
Permanent · Phoenix
MACY'S
Asset Protection Detective, Shoppes at Buckland Hills - Full Time
Permanent · Manchester
Published
Dec 5, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Iconix to sell Lee Cooper China

Published
Dec 5, 2020

American brand management company Iconix Brand Group, Inc. has announced that Red Diamond Holdings, its wholly-owned Luxembourg-based subsidiary, is selling the Lee Cooper business in China for $16.0 million.


Lee Cooper China is the latest of Iconix's Chinese businesses to be sold, following Umbro China and Starter China - Instagram: @leecooper1908

 
Red Diamond has entered into a share purchase agreement which will see the holding company part with all of the equity interests of Lee Cooper China. The sale includes the Lee Cooper brand in mainland China, as well as in Hong Kong, Taiwan and Macau.
 
The transaction, which is subject to the satisfaction or waiver of customary closing conditions, is expected to complete by the end of March 2021. Iconix did not reveal the identity of the brand’s purchaser.

The company intends to use the proceeds from the sale of Lee Cooper China to repay amounts due under its existing financial arrangements, as well as for general corporate purposes.
 
Iconix, which, aside from Lee Cooper, also owns brands such as Umbro and Ecko Unltd, has offloaded a number of its Chinese operations over the past few months as it seeks to get its finances back on track. Like many of its industry peers, the company has suffered from the economic impact of the Covid-19 pandemic.
 
In November, the New York-based company completed the sale of Starter China for $16.0 million, having already sold Umbro China to HK Qiaodan for $62.5 million earlier in the year.
 
In the third quarter ended September 30, 2020, Iconix reported a 31% year-over-year decline in its revenues, which totaled $24.5 million.
 
However, the company was able to swing back to a quarterly profit of $45.7 million, or $1.51 per share, largely thanks to cost-reduction efforts, which saw the group achieve a 62% decrease in selling, general and administrative expenses compared to the prior-year period.

Copyright © 2022 FashionNetwork.com All rights reserved.