There is currently no good news for the New Guards Group, a fashion company based in Via Turati in Milan, which manages Farfetch fashion activities.
As the Italian journal MFF reports, the company will soon lose another area-after the sale of the brands Palm Angels, Off-White, Alanui and Ambush. On April 30th, NGG ++, a department that was founded in 2023, is to be officially closed. She was responsible for the allocation and distribution of Reebok clothing and shoes in Europe and Great Britain.
The reason for the closure is the end of the collaboration with Authentic Brands, whose companies also include the US sports brand Reebok. For around 60 employees: Inside there is an offer for a severance payment and a voluntary exit with incentives. According to the Milan daily newspaper, the transition phase between the administration by NGG ++ and Galaxy Universal will be completed in Via Burigozzo at the end of the month. Galaxy Universal is already responsible for the brand’s activities in the United States and founded a joint venture with the Batra Group at the beginning of the year to take care of Reebok’s shops on the European market.
On Friday it was also announced that the founders: inside of the Japanese brand Ambush, Yoon Ahn and verbally, the full property of the brand from the Italian fashion group New Guards Group are said to have recovered, as WWD reported. NGG had acquired a majority stake in Ambus in 2020. Since Friday, the founders are said to have taken control again according to the WWD.
The E-Commerce Group Coupang Inc. in the 2024 financial year recorded a strong increase in sales, which is largely due to the takeover of the online fashion platform Farfetch at the end of January of the previous year. However, the high losses of the new acquisition and other special loads reduced the group’s profit.
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