Noni B acquires five brands of Specialty Fashion Group for $31 million
Category: #retail  By Saipriya Iyer  Date: 2018-05-15
  • share
  • Twitter
  • Facebook
  • LinkedIn

Noni B acquires five brands of Specialty Fashion Group for $31 million

Noni B, an online retail store involved in the sales of female accessories & apparel in the country, has struck a deal with the Specialty Fashion Group for USD 31 million. Through this deal, Noni B will purchase five brands from the latter, namely Rivers, Autograph, Millers, Katies, and Crossroads.

It is being speculated that Specialty Group is liquidating its portfolio through the brand rationalization process and just holding on to its high revenue generating brand City Chic, a successful plus-sized women’s apparel. With the announcement of the new agreement, the share price of Specialty increased by 55%.

The purchase of Specialty’s five brands is expected to transform Noni B’s business, pushing the online store to become one of the biggest women fashion retail stores in Australia with a sale of nearly USD 1 billion per year. As per Scott Evans, the CEO of Noni B, the firm will coin a business strategy to strengthen the position of its brands across the apparel sector, enhance its supply chain activities, and integrate its business units across the country to gain a competitive edge. Reportedly, last year, the five brands of Specialty Fashion had incurred a loss of approximately USD 6.2 million for the firm.

Evans also went on to say that the organization will enhance its in-store activities along with its range by determining more about the customers’ preferences and the latest trends. For the record, Noni B had incurred a huge loss of USD 7.8 million in 2014 as well as USD 4.8 million loss in 2015. However, the firm had recovered from economic downturn by accruing profits worth nearly USD 2.2 million & USD 3.2 million during the last two years. According to analysts, an increase of nearly 50 cents to USD 2.35 in the share price of Noni B has been witnessed in the past two years.



About Author

Saipriya Iyer

Email: [email protected]   

Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

Read More

More News By Saipriya Iyer

PharmaCyte to submit IND application to FDA for clinical trial in LAPC
PharmaCyte to submit IND application to FDA for clinical trial in LAPC
By Saipriya Iyer

PharmaCyte Biotech, a clinical-stage biotechnology company, is reportedly set to submit an IND (Investigational New Drug) application to the U.S. FDA. The IND application is related to the Phase 2b clinical trial among...

Immunic announces topline data from Phase 2 EMPhASIS, IMU-838 trial
Immunic announces topline data from Phase 2 EMPhASIS, IMU-838 trial
By Saipriya Iyer

Immunic, Inc. has recently announced positive topline results from the Phase 2 EMPhASIS trial of IMU-838, in patients with RRMS (relapsing-remitting multiple sclerosis). IMU-838 is a next-generation, orally available s...

Ciox announces acquisition of biomed-NLP technology company, Medal
Ciox announces acquisition of biomed-NLP technology company, Medal
By Saipriya Iyer

Ciox Health has recently announced the acquisition of Medal, Inc., a biomed-NLP (biomedical Natural Language Processing) technology company based in San Francisco. Medal is also a leader in integrating AI techniques fo...