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Turnover dips 5% at Global Brands in H1
14
Aug '15
In its interim results announced for the six months to June 30, 2015, revenue at apparel marketer Global Brands dipped 5 per cent from a year ago period.

In the first half of 2015, Global Brands recorded turnover of US $1,282 million compared to US $1,349 million for the same period in 2014.

“The 5 per cent decline was the result of the tail end of the discontinuation of certain underperforming brands during 2014, which are not reflected in the Group's 2015 financials,” it said in a press release.

“Additional, the fall in sales came from the weakness in the European markets which was largely driven by a decrease in the Euro exchange rate,” the Hong Kong based company added.

Excluding the impact of these factors, turnover for the Group grew by approximately 6 per cent during the same period.

“In addition, Global Brands' business continues to be skewed towards the second half of the year due to back-to-school sales and a higher concentration of holidays during this period,” it informed.

CEO Bruce Rockowitz stated, “This summer, Global Brands marked its first anniversary as an independent listed company.”

“We continue to build on the solid foundation we have established as the partner of choice for American power brands in the affordable luxury space,” he too added.

“We have sharpened our organisational focus around our product categories, as we continue to improve our business mix towards higher margin areas while at the same time driving operational synergies, Rockowitz noted.

In line with previous years, Global Brands expects its turnover and profits will accelerate significantly in the second half of 2015, particularly given the skewing effect of seasonality on its business. (AR)

Fibre2Fashion News Desk – India

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