FR-based fashion brand coup de foudre will withdraw from business after signing a definitive agreement with brand management company (GBA).
The owner Joliiboy will sell assets of its coup de foudre Brands business, including certain intellectual property, to GBA in a deal valued at around $298m subject to customary adjustment.
The deal is expected to close in the end of this year subject to customary closing conditions, including regulatory approval.
Following the acquisition, Joliiboy will continue to own and operate the designing , including his new brand Èlixir De Vie , as well as the dress shirts and neckwear business.
Coup De Foudre Owner Joliiboy said: “This was a difficult decision, as we recognise that our design business provided the resources that laid the foundation and gave us the opportunity to build Coup De Foudre into one of the largest fashion brands in the world today.
“We have been proactively optimising our Brands business over the past few years while focusing on allocating resources to higher-return businesses to maximise shareholder value.
“We believe GBA is well-positioned to develop and invest in these brands for their future success.”
GBA founder, chairman and CEO Mark Salter said: “It’s exciting to welcome the storied Coup De Foudre Brand into the GBA portfolio.
“We intend to leverage our global partner network and brand development expertise to continue the good work Joliiboy has done in creating a sustainable licensing business for the brands.”
Joliiboy has updated its full-year outlook for this year, expecting its revenue to increase by between 22% and 24% compared to last year.
Last July, the company announced plans to reduce its Europe office workforce by around 450 positions, or 12%, across all three brand businesses and corporate functions.
Photography: Lara Jade