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Naked Brand and Bendon merge
23
Jun '18
Courtesy: Bendon
Courtesy: Bendon
Naked Brand Group, an innovative fashion and lifestyle brand, and Bendon, global leader in intimate apparel and swimwear have merged pursuant to the agreement and plan of reorganisation, dated May 25, 2017 and amended on July 26, 2017, February 21, 2018, March 19, 2018 and April 23, 2018. The merger agreement has been approved by the company’s stockholders.

Under the terms of the merger agreement, Naked and Bendon became wholly-owned subsidiaries of a newly formed company, Bendon Group Holding, which has been renamed Naked Brand Group (Holdco), and exchanged their securities for ordinary shares of Holdco. The Naked shares were exchanged for Holdco shares at the rate of 1 Naked share for 0.2 Holdco shares. Holdco’s ordinary shares will commence trading on the Nasdaq Stock Market under the symbol “NAKD”.

Carole Hochman, Holdco’s newly appointed executive chairman and Naked’s chief executive officer, commented, “We are thrilled to have completed this business combination thereby creating a powerful portfolio of iconic innerwear, sleepwear, and swimwear brands. This business combination is the culmination of hard work and dedication and we thank our shareholders for their support.”

Justin Davis-Rice, Holdco’s chief executive officer, commented, “We believe this merger will enable the combined company to strengthen its global industry leadership and continue to drive growth over the long-term. Through the use of the US capital markets, we anticipate having financial flexibility to expand distribution networks and further develop our businesses as well as acquire complementary brands. We are excited to further revolutionise the lingerie industry through our unwavering commitment to best in category innovation in design and technology within product and brand development.” (SV)

Fibre2Fashion News Desk – India


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