Naked Brand Group Limited (NASDAQ:NAKD) ("Naked" or the "Company"), a global leader in intimate apparel and swimwear, has announced an agreement for the strategic brand divestiture of its Naked brand as part of the Company's ongoing strategic turnaround, which is expected to increase operational efficiencies firm-wide while providing new non-dilutive financing through the monetization of Naked brand trademarks.
The company has exited the U.S. market with the Naked brand over the last 12 months as part of these strategic turnaround efforts. Per the terms of the agreement, the Naked brand trademarks will be sold to an Italian apparel company. All designs used in Naked brand products will be retained by the company for future use across its portfolio of brands. The sale of the Naked brand is expected to close by the end of January 2020.