Global Brands Group Profits Rise 25%

Global Brands Group, which spun off from sourcing giant Li & Fung July, said Thursday that net profit rose nearly 25 percent in the second half of the year while revenue rose 7.5 percent. “This is evidence of the tremendous growth potential unlocked by the spin-off,” chief executive officer Bruce Rockowitz said. The company, which manages brands such as Frye, Spyder, Juicy Couture, Coach, Calvin Klein and Seven Global, its new joint venture with David Beckham and Simon Fuller, posted net profit of $202 million for the six-month period ending in December, while revenue totaled $2.1 billion. RELATED CONTENT: WWD Earnings Tracker >> For the full year, net profit declined 8.2 percent to $104 million, while revenue rose 5 percent to $3.45 billion. Net profit excluding mergers and acquisitions costs as well as other expenses rose 9.3 percent for the year to $108 million, the company said. Speaking at a press conference Thursday at the Grand Hyatt hotel, Rockowitz said was upbeat about the company’s outlook, despite the uncertain macroeconomic outlook. “There’s a movement to affordable luxury,” he said. Global Brands Group focuses primarily on American brands with the aim of making them global. The company’s business is mostly U.S.-centric with the majority of revenue coming from

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