Bendon Group Holding Ltd. has posted significant recent losses, including in the six month period ending July 31, 2017, and in the years ending June 30, 2016 and June 30, 2015. This and other information was revealed in a 425 page proxy statement recently filed with the SEC by Naked Brand Group, the public U.S. company that is expected to merge with privately held, New Zealand-based Bendon in the near future.
Bendon, whose exact financial situation had not been widely known until this filing, lost 18.5 million New Zealand (NZD) dollars (approximately $13.3 million at to current exchange rates) in the six months ended July 31, 2017, on sales of NZD 59.8 million (about $43.2 million). The SEC filing, which describes many details of the two companies and the merger, also reported, Bendon Group “has continued to incur losses since 31 July 2017 as a result of continued challenging conditions and still not having sufficient inventory necessary to achieve higher sales.”
In the fiscal year ended June 30, 2016 the company lost NZD 20.7 million (about $14.9 million) on sales of NZD 151.0 million (about $109.2 million), compared to a loss of NZD 13.2 million (about $9.5 million) on sales of NZD 138.8 million (about $100.4 million) the year before.
The two companies expect the proposed merger to significantly improve their financial condition. The Bendon Group produce Stella McCartney Intimates and Swimwear and Pleasure State amongst other lingerie brands.
