The strategic sale narrowed s&p's net loss to $400m

- Jul 01, 2019-

Net losses narrowed after the sale of parts of its north American business and children's wear business in China.

On June 26, libiao brands limited (hereinafter referred to as "libiao brands") announced its final results for the year ending March 31, 2019.

In the fiscal year ending March 31, 2019, excluding the impact of the sale of some north American businesses and children's wear business in China, RSM's turnover reached us $1.513 billion, down 4.6% year-on-year, and recorded an operating loss of us $215 million, according to the statement. However, the net loss attributable to group shareholders decreased by 55.7% to us $400 million.

The results were largely offset by lower sales of its U.S. home improvement business, Kenneth Cole, fashion shoes and Juicy Couture, and by increased sales of Spyder in South Korea and the introduction of a new franchise, Tahari ASL, liptag said.

In June 2018, libiao sold part of its north American franchise, including all of its north American children's wear and accessories business, as well as its west coast fashion business.The sale was completed on October 29, 2018 with cash proceeds of $1.2 billion.That same month, libiao sold its children's wear business in China.As a result, riss brand now discloses its performance under three business divisions (North America, Europe and brand management).

According to the data, the north American division includes men's and women's fashion and footwear, with brand portfolio including Spyder, Aquatalia, Jones New York, Frye, Calvin Klein, Katy Perry and Sean John, etc., which is the largest division of RSM. During the reporting period, the total turnover of the north American business was $1.046 billion, accounting for about 70% of the total turnover.

To facilitate the future development of the sub-division, rbi brand invests in the development of a brand new of its own-owned footwear brand GOATS and two new own-owned clothing brands B and Mind Body Motion.Of these, GOATS is a modern shoe brand that combines sneakers with sandals, and B is a lasting brand that will soon launch Mind Body Motion, an innovative sports lifestyle brand, next year.

After strategic sale, the business and brand of libier brand in Europe remain unchanged, mainly including accessories, shoes, children's wear and timely fashion business, the operation of brand brands including Spyder, AllSaints, Reiss, Calvin Klein, Aquatalia, Fiorelli and other self-owned brands.

During the reporting period, the European business recorded an operating loss of $79 million, with total turnover falling 0.7 per cent from last year to $374 million.

Libiao Brand's Brand Management business division includes caz-gbg Brand Management Group(caz-gbg), the Group's long-term partnership with Creative Artists Agency(CAA), and Seven Global, a partnership with David Beckham. Its client brands include Playboy, Netflix, F1 and Coca Cola.

During the reporting period, the brand management division's turnover decreased by 10.1% to us $92 million and operating profit was us $31 million due to one-off turnover items in the previous reporting period.