APPAREL and footwear conglomerate Pacific Brands, which owns the Australia-based Bonds lingerie business, announced that it is divesting its Brand Collective division of owned and licensed brands. The deals with three separate buyers for the different types of branded merchandise are expected to generate around AUD 39m, which will be used to further reduce net debt. Pacific Brands CEO David Bortolussi commented: “The sale of the Brand Collective business is consistent with our strategy to simplify and focus Pacific Brands on maximising the potential of our market leading brands such as Bonds and Sheridan. From a pricing perspective, the divestment represents good value to our shareholders for an unprofitable division and this transaction also represents the conclusion of the strategic review.”
The more secure situation of the parent company could allow Bonds to intensify its efforts to become a major international player in the lingerie field.