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Global Brands Group Provides First Performance Update

Global Brands Group, the consumer brands and licensing business recently spun off from Li & Fung, released its first business update as a separate company Thursday.

The company’s turnover for the three-month period ended Sept. 30 was $1.03 billion, and for the nine-month period ended Sept. 30, turnover totaled $2.34 billion.

Core operating profit for the same periods amounted to $113 at three months and $50 million at nine months, owed to seasonality skewed toward the second half of the year.

Global Brands operates licensed brands like Under Armour, Coach and Michael Kors, and the company began trading on the Hong Kong Stock Exchange in July. The company opened trading at HKD $2.09 and closed at HKD $1.80 on its first day, and as of publication time, the stock was up 3.75% to HKD $1.66.

The company’s board of directors noted that, at present, it does not intend to release ongoing quarterly updates or revisions to forward looking statements, other than what is specifically required by the listing rules or the Securities and Futures Ordinance (SFO).

“As one of the world’s leading branded fashion, fashion accessories and footwear organizations, the Group has maintained its focus on growing its controlled brands and further expanding its existing licensing relationships across all of the Group’s product categories, while continually adding new licenses to its brand portfolio,” the company’s report noted. “The Board continues to feel confident that there are excellent opportunities in the sectors within which the Group operates.”