Gazal sells Mambo brand outside of European Union

04 Feb '08

1 min read

Following on from the Mambo Brand strategic review announced last year, Gazal Corporation announced the sale of its Mambo brand outside of the European Union and its Australian wholesale and retail businesses to a private equity group, Equity and Capital Finance Australia, headed by Australian surfwear entrepreneur Mr Angus Kingsmill and Mr Tony Woodward.

The transaction value of assets sold is in excess of their carrying values and the sale is not expected to have a material effect on Gazal Corporation's earnings.

Representing the purchaser, Angus Kingsmill said, “We are very pleased to enter into this deal with Gazal. Mambo is one of Australia's most iconic brands with its unique positioning of surf, art, humour and music. The opportunities both here and internationally are exciting and we look forward to working closely with Gazal to ensure a smooth transition of the business”.

Chief Executive Officer, Michael Gazal said, “After completing the strategic review and considering the alternatives, it was clear that this sale option was in the best long term interests of Gazal shareholders, and it allows the management team to focus on our core categories of business attire, intimate apparel and underwear, workwear, schoolwear and mens classic sportswear”.

Gazal Corporation Limited

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