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IC Group sells Saint Tropez brand, downgrades core brands' guidance

Published
today Jan 28, 2019
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IC Group has signed a deal to sell its under-performing Saint Tropez brand to DK Company A/S and has also issued a warning that its remaining brands will be weaker than it had expected.


By Malene Birger


The Saint Tropez deal is set to close at the end of this month and is the latest in a number of divestments that have seen IC selling high-performing label Peak Performance, as well as selling its stake in Designers Remix back to the brand’s founders.

The group said it expects a “positive, minor million amount impact on cash flow” from the sale, while the accounting effect is expected to amount to a loss of DKK70 million (€9.37 million/£8.1 million) subject to the final adjustment of transaction costs, working capital, as well as certain debt items. Most of the accounting loss relates to impairment of goodwill, other intangible and tangible assets as well as deferred tax assets.

This divestment means that, as of the interim report for Q3 2018/19, Saint Tropez will be classified and presented as discontinued operations.

That means the group’s continuing brands comprise Tiger of Sweden and By Malene Birger and for the full 2018/19 financial year, Tiger should see a “minor revenue reduction (measured in local currency) and a moderate decline in nominal earnings.” This is a downbeat update on earlier guidance with the downgraded expectations reflecting “lower anticipated performance in direct-to-consumer channels for the rest of the financial year – retail in particular.”

And By Malene Birger has also seen its guidance reduced, the company now expecting a “moderate revenue reduction and a substantial decline in nominal earnings.” Again, the change is all about worse anticipated performance in direct-to-consumer channels for the rest of the financial year.

So what exactly do “minor” and “moderate” mean in relation to the two brands? For Tiger, the company is currently predicting a 9% fall in revenue and for By Malene Birger, a 4% drop. That should translate into an overall drop of 7.3%.

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