IC Companys sells off another four brands
today Apr 2, 2014
IC Companys has taken an important step in its strategy of focusing on the upmarket segment. The Danish group has just sold another of its many brands grouped in the mid-segment.
After giving up Jackpot and Cottonfield in 2013, this time the company has sold InWear, Matinique, Part Two and Soaked in Luxury. They buyer is another Danish ready-to-wear group, DK Company.
In 2013, IC Companys announced the restructuring of the four brands in its mid-segment portfolio in an effort to make them more profitable. In the first half-year ended 31 December, operating profit did indeed double from 1.5 million euros to 2.8 million euros, particularly through store closures. However sales of the brands themselves continued to decline (-16% over the first six months).
A strong player in the mid-market segment, DK Group, owner of Blend, B.Young and Denim Hunter, hopes to boost sales of its new acquisition through its market expertise.
For its part, IC Companys will concentrate on its three premium brands — its leading outerwear line, Peak Performance, and designer fashion brands By Malene Birger and Tiger of Sweden. The company also owns two other brands, Saint Tropez and Designers Remix, whose activity has been "isolated" from the rest of the group as sales are still being considered.
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