Naked Brand Group Limited Completes Acquisition of Fredericks of Hollywood Global E-Commerce Licensee, FOH Online Corp.
Cenntro Electric Group Limited - Ordinary Shares (NAKD)
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ir.nakedbrands.com
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Source: GlobeNewswire
SYDNEY, Australia, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Naked Brand Group Limited (NASDAQ: NAKD), a global leader in intimate apparel and swimwear (“Naked”), has closed its previously announced acquisition of the shares of FOH Online Corp. (“FOH”), the exclusive licensee of the Frederick’s of Hollywood brand for global e-commerce business. The acquisition of FOH will secure the revenue Naked currently books under a sublicense with FOH. As a result of the acquisition, Naked will control FOH’s exclusive license with the brand owner, Authentic Brands Group, which runs through 2020 and may be extended at FOH’s option through 2070. The Frederick’s of Hollywood e-commerce business generated net sales of approximately $20.0 million for the trailing twelve months ended June 30, 2018, a 22% increase as compared to $16.5 million for the trailing twelve months ended June 30, 2017. Since 1946, Frederick's of Hollywood has set the standard for innovative apparel, introducing the push-up bra, the
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