Global Brands Group posts net sales up 5% in 2014
The Hong Kong apparel company, a spin-off of Li & Fung, generated a turnover last year of 3.45 billion dollars, representing a 5% increase. Profit before taxes, meanwhile, grew by 14.7% to 339 million dollars.
Global Brands Group was established at the beginning of 2014 to group together all of Li & Fung Group’s apparel business. Over the summer, both entities presented their interim results separately, the second half marking the first period during which Global Brands Group’s business was totally independent.
Between July and December, the group generated a turnover of 2.105 billion dollars, up by 7.5%. Meanwhile, earnings before interest and taxes rose by 21.5% to 306 million dollars.
Global Brands Group employs 3,000 people, including 700 designers. The company includes some 350 licenses, including for Tommy Hilfiger, Guess, Calvin Klein, Izod, Nautica and Coach, besides directly controlling brands such as Frye, Juicy Couture, or Rosetti.
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