Home / Knowledge / News / Apparel/Garments / RNB Retail to sell subsidiary JC to Denim Island
RNB Retail to sell subsidiary JC to Denim Island
01
Nov '13
RNB RETAIL AND BRANDS AB has entered into an agreement to sell the subsidiary JC to Denim Island AB. Denim Island AB is a part of Denim Island Group owned by Gordon Wu. The buyer Denim Island Group is a leading producer of denim products as well as a wholesaler of a number of denim brands sold in Western Europe and the USA.

The agreement means that Denim Island AB will take over all operations in the subsidiaries JC AB and JC Jeans Clothes Oy. Thommy Nilsson will be appointed Chairman of the Board of JC. RNB will henceforth focus on development of the operations within Polarn & Pyret, Departments & Stores and Brothers & Sisters.

As previously communicated, RNB RETAIL AND BRANDS has conducted a strategic review of the operations in JC. A disposal was the preferred alternative and accordingly, RNB has now entered into an agreement to sell JC to Denim Island AB.

Today, JC has a total of 386 employees and 112 stores (of which, 77 are proprietary stores) and generated sales during the fiscal year 2012/2013 of SEK 675 M with operating income, excluding non-recurring items, of SEK -76 M. For RNB, the transaction will have a neutral effect on the company’s cash flow and generate a write-down of shareholders’ equity of SEK 100 million. RNB will henceforth focus on development of the operations within Polarn & Pyret, Departments & Stores and Brothers & Sisters.

Denim Island Group, based in Guangzhou in China, is owned by Gordon Wu. The Group is a leading producer of denim products as well as a owner and wholesaler of a number of denim brands sold primarily in Western Europe and the USA.

“We have carried out intensive work since March in relation to JC, which has involved refining and streamlining its operations. Concurrently with this conversion work, we have conducted discussions with a number of interested parties regarding an acquisition of JC. I am happy that we have managed to find a good industrial solution in that Denim Island will now take over all operations in JC, while the sale is being conducted on financial terms that are acceptable to RNB,” says Magnus Håkansson, President and CEO of RNB RETAIL AND BRANDS.

“It is with confidence I return to my professional roots in JC. There is a huge power in the JC brand – a leading market position in jeans, the service-minded staff and the network of franchisees. Denim Island Group´s strong platform within development and production of denim products have given JC the best opportunities for a long-term sustainable turn-around and future development,” says Thommy Nilsson, aceeding Chairman of the Board of JC.

The information is such that RNB RETAIL AND BRANDS AB (publ) is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publishing on November 1, 2013, at 08:35 a.m.

RNB RETAIL AND BRANDS owns, operates and develops fashion, clothing, accessories, jewelry and cosmetics stores that focus on providing excellent service and a world-class shopping experience. Sales are mainly conducted in Scandinavia through the three store concepts Brothers & Sisters, JC and Polarn O. Pyret, as well as through shops in the department stores NK in Stockholm and Gothenburg.

RNB Retail and Brands


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Warangal textile park gets environment clearance

The Kakatiya Mega Textile Park, coming up in Warangal district of...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X