Volley among footwear casualties at Pacific Brands
Australian group Pacific Brands has sold its footwear and outerwear businesses – including Volley, Grosby and Brand Collective – as well as exclusive licences for Superdry, Clarks and Hush Puppies in Australia to a local private equity firm.
Anchorage Capital Partners says it has “developed a comprehensive rejuvenation plan” for the businesses, which reported a loss of $22 million in 2013-2014. “The divestment represents good value to our shareholders for an unprofitable division,” said Pacific’s CEO, David Bortolussi.
Anchorage managing director Simon Woodhouse added: “The business has an enviable brand portfolio and we believe that with the right focus and investment we can establish Brand Collective as the leading house of brands in the Australasian region.”
