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

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Paolo Ocleppo
Sandvik Hyperion

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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