UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of: June 2019
Commission File Number: 001-38544
NAKED BRAND GROUP LIMITED
(Translation of registrant’s name into English)
c/o Bendon Limited, Building 7C, Huntley Street, Alexandria, NSW 2015, Australia
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X]
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________.
Results of Operations and Financial Condition.
On June 14, 2019, Naked Brand Group Limited (the “Company”) issued a press release announcing financial results for the year ended January 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 11, 2019, the Company announced the appointment of David Anderson as Chief Financial Officer of the Company, which will become effective after the filing with the Securities and Exchange Commission of certain amendments to the Company’s existing registration statements, but no later than June 20, 2019. Mr. Anderson will replace Howard Herman, the Company’s current Chief Financial Officer, who is resigning from all positions held by him with the Company.
Mr. Anderson, 45 years old, joins the Company from Goodman Fielder, one of the largest consumer goods companies in New Zealand, where he served as Head of Finance from July 2016 until June 2019, overseeing all financial aspects of the business and leading numerous acquisitions. During his time at Goodman Fielder, Mr. Anderson developed and spearheaded the implementation of several strategic initiatives to drive improved performance throughout the business. Prior to Goodman Fielder, from June 2008 until July 2016, Mr. Anderson worked at Icebreaker, a global apparel brand sold in 43 countries worldwide, first as Chief Financial Officer starting in June 2008 and then as Chief Financial Officer and Chief Operating Officer starting in October 2012. Mr. Anderson played an important role in managing Icebreaker’s growth, as it approximately quadrupled sales while moving from a wholesale to a direct-to-consumer model, chiefly through company owned retail stores and e-commerce. Prior to Icebreaker, from 2001 to 2007, Mr. Anderson worked at PricewaterhouseCoopers, where he was Associate Director for Business Recovery Services, focusing primarily on business turnaround assignments. Mr. Anderson holds a Bachelor of Commerce and Administration in Accountancy and Commercial Law, as well as a Bachelor of Arts in Politics from Victoria University, Wellington.
In connection with his appointment, Mr. Anderson entered into an employment agreement with Bendon Limited (“Bendon”), the Company’s wholly-owned operating subsidiary. Mr. Anderson’s employment may be terminated upon three months’ notice by either party. Bendon also may summarily dismiss Mr. Anderson for any serious misconduct.
Under the employment agreement, Mr. Anderson will receive an annual salary of NZ$380,000. He also will be entitled to (i) an annual cash bonus of up to NZ$114,000 based on the achievement of certain performance targets set annually by the Company’s board of directors and (ii) an annual equity award of up to NZ$114,000 based on the achievement of revenue and EBITDA targets set annually by the Company’s board of directors.
The employment agreement contains provisions protecting the confidentiality of the Company’s information and assigning all intellectual property rights to the Company. The employment agreement also contains provisions restricting Mr. Anderson’s ability to compete with the Company during his employment and for a period of six months thereafter. The non-compete provisions generally impose restrictions on (i) soliciting or attempting to entice away employees of the Company or its subsidiaries, (ii) soliciting or accepting business from clients of the Company or its subsidiaries, or (iii) within a specified geographic area, participating in any competing business.
Attached as Exhibit 99.2 to this report is a press release dated June 11, 2019, issued by the Company, announcing Mr. Anderson’s appointment.
Other Events.
The Company has prepared an updated investor presentation as of June 14, 2019. A copy of this presentation is furnished as Exhibit 99.3 to this report.
Financial Statements and Exhibits.
| Exhibit | Description | |
| 99.1 | Press release dated June 14, 2019. | |
| 99.2 | Press release dated June 11, 2019. | |
| 99.3 | Investor presentation. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: June 14, 2019
| NAKED BRAND GROUP LIMITED | ||
| By: | /s/ Justin Davis-Rice | |
| Name: | Justin Davis-Rice | |
| Title: | Executive Chairman | |
Exhibit 99.1
 |
Naked Brand Group Limited Reports Full Year Fiscal 2019 Financial Results
Company Deploys New Targeted Growth Initiatives Following Strategic Recapitalization and Planned Return to Operational Profitability Second half of Fiscal 2020
SYDNEY - June 14, 2019 — Naked Brand Group Limited (Nasdaq: NAKD) (“Naked” or the “Company”), a global leader in intimate apparel and swimwear, has reported its full year fiscal 2019 financial results for the twelve months ended January 31, 2019.
Key Full Year Fiscal 2019 Financial Highlights:
| ● | Net sales for the full year fiscal 2019 decreased by 14.8% to NZD$111.9 million, or USD$77.4 million, compared to NZD$131.4 million, or USD$90.9 million, for the full year fiscal 2018. | |
| ● | Gross profit margin as a percentage of revenue increased to 33.5% for the full year fiscal 2019, as compared to approximately 33.3% for the full year fiscal 2018. | |
| ● | Operating expenses totaled NZD$87.9 million, or USD$60.7 million, for the full year fiscal 2019, compared to NZD$81.5 million, or USD$56.2 million, for the full year fiscal 2018. | |
| ● | Net loss totaled NZD$49.2 million, or USD$34.0 million, for the full year fiscal 2019, or (NZD$2.01), or (USD$1.39), per basic and diluted share, compared to a net loss of NZD$37.5 million, or USD$25.8 million, for the full year fiscal 2018, or (NZD$1.79), or (USD$1.24), per basic and diluted share. | |
| ● | EBITDA loss totaled NZD$25.6 million, or USD$17.7 million, for the full year fiscal 2019 compared to the full year fiscal 2018 of adjusted EBITDA loss of NZD$24.1 million or USD$16.6 million. | |
| ● | Taking into account the reduced revenue, the EBITDA loss in fiscal 2019 represents improved performance when compared to fiscal 2018. As noted above, net sales have decreased by 14.8%, yet EBITDA decreased by only 5.9%. |
Key Full Year Fiscal 2019 and Subsequent Operational Highlights:
| ● | Appointed Anna Johnson as Chief Executive Officer, an industry veteran with a proven track record of restructuring and transforming established businesses. | |
| ● | Appointed David Anderson, 20-year consumer goods financial executive, as chief financial officer. | |
| ● | Conducted global strategic review and effectuated plan to realize an anticipated $6.5 million in annual cost savings, and initiate targeted marketing campaigns. | |
| ● | Completed $3.9 million strategic financing and $5.4 million debt restructuring transaction in March 2019 with investors and key manufacturing partners to fortify balance sheet and realize new supply chain cost savings. |
| ● | Completed acquisition of Fredericks of Hollywood Online Corp to control FOH’s exclusive license with the brand owner, Authentic Brands Group, which extends to 2020 with a further 10 renewal options of 5 years each. | |
| ● | Announced agreement with CVS Health and launched Heidi Klum’s Intimates Solutions line to be featured in over 4,000 CVS locations across the United States. | |
| ● | Launched diffusion program nationwide with Costco Wholesale Australia to integrate Bendon’s best-selling brief design. | |
| ● | Completed merger between Naked Brand Group and Bendon Limited creating a global leader in intimate apparel and swimwear. |
Management Commentary
“Fiscal 2019 was a year of foundation building, setting the stage for continued revenue growth in fiscal 2020 and beyond,” said Anna Johnson, Chief Executive Officer of Naked Brand Group. “We have notably strengthened our balance sheet while expanding our eCommerce initiatives and laying the groundwork for a more robust presence in highly trafficked retail stores, whether that be our corporate stores or those of our partners, such as CVS or Costco.
“After conducting a thorough global strategic review, we completed our global operational transformation with an intent to drastically reduce operating expenses, exited unprofitable channels and consolidated our eCommerce presence and logistics supply chains. As a result, we have emerged a much leaner organization – I anticipate cost savings from these efforts to reach $6.5 million annually. We will leverage our iconic suite of globally recognized brands to resume our growth trajectory in FY2020 and beyond, primarily driven by our robust direct to consumer business as well as key wholesale accounts. Based on current trends, I believe we are well positioned to reach cash flow breakeven in the second half of Fiscal 2020.
“Of note, we recently appointed 20-year consumer goods financial executive David Anderson as chief financial officer, who will augment our push surrounding Naked’s strategic new direction. In addition, we are exploring all strategic options to generate liquidity from certain business segments or brands within our portfolio to further strengthen our balance sheet and drive continued growth,” continued Johnson.
“Our fiscal 2019 was impacted by several items which we do not believe will be recurring, such as stock supply issues related to our liquidity prior to us strengthening our balance sheet, one-time costs related to the U.S. listing process and Bendon’s merger with Naked. The company is entering an exciting, transformative period in its history as it transitions from a wholesale model to a higher-margin direct to consumer model.
“On the marketing front, after thorough market research, we’ve developed a full suite of new marketing content and campaigns targeting both new and existing customers respectively from each brand. Our campaigns will be augmented with our 70 year history of supporting ‘EVERY BODY’ of our customers through product innovation, fit and heritage styles coupled with driving awareness and education on the health benefits of the correct support and bra fit of the women’s ever-changing body through life’s milestones.
“I am proud of what our team has accomplished since I joined the company – furthering our legacy as an iconic and trusted brand. As a thought leader in several markets, we believe we are well positioned to continue to gain market share and innovate within the intimate apparel and swimwear industry, enabling us to achieve our goal of cash flow breakeven in the second half of Fiscal 2020. I look forward to executing upon our corporate vision, realizing the significant potential facing our company today and creating long-term value for our shareholders,” concluded Johnson.
Full Year Fiscal 2019 Financial Results
Net sales for the full year fiscal 2019 totaled NZD$111.9 million, or USD$77.4 million, a decrease of 14.8% compared to NZD$131.4 million, or USD$90.9 million, for the full year fiscal 2018. Net Sales were impacted by a stock supply issue, the exit from the E.U and U.K. market and the Company’s decision to end certain wholesale relationships in the U.S. market.
Gross profit totaled approximately NZD$37.4 million, or USD$25.9 million, for the full year fiscal 2019 as compared to NZD$43.9 million, or USD$30.3 million, for the full year fiscal 2018. Gross profit margin as a percentage of revenue increased to 33.5% for the full year fiscal 2019, as compared to approximately 33.3% for the full year fiscal 2018. Gross margins were positively impacted by the shift from wholesale to a direct-to-consumer sales model.
Operating expenses totaled NZD$87.9 million, or USD$60.7 million, for the full year fiscal 2019, compared to NZD$81.5 million, or USD$56.2 million, for the full year fiscal 2018. The increase in operating expenses was primarily attributable to one-time costs related to the U.S. listing process and impairment expenses as a result of the aforementioned stock supply issue.
Net loss totaled NZD$49.2 million, or USD$34.0 million, for the full year fiscal 2019, or (NZD$2.01), or (USD$1.39), per basic and diluted share, compared to a net loss of NZD$37.5 million, or USD$25.8 million, for the full year fiscal 2018, or (NZD$1.79), or (USD$1.24), per basic and diluted share. The increase in net loss was a result of decreased gross profit and increased operating expenses.
EBITDA loss totaled NZD$25.6 million, or USD$17.7 million, for the full year fiscal 2019 from NZD$24.1 million, or USD$16.6 million, for the full year fiscal 2018. See below under the heading “Use of Non-GAAP Financial Information” for a discussion of EBITDA and a reconciliation of such measure to the most comparable measure calculated under U.S. generally accepted accounting principles (“IFRS”).
Cash and cash equivalents at January 31, 2019 totaled NZD$2.0 million, or USD$1.4 million, as compared to $10.7 million, or USD$7.4 million, at January 31, 2018. Subsequent to the closing of the full year fiscal 2019, the company completed a USD$3.9 million private placement and signed a definitive agreement for a USD$1.5 million strategic investment from TokenPay Swiss AG.
The New Zealand Dollar figures in this press release were converted to United States Dollar figures at an 0.69 exchange rate as of 01/31/19.
Further details about the Company’s results for the full year fiscal 2019 are available on Form 20-F, accessible in the investor relations section of the Company’s website at www.nakedbrands.com and through the U.S. Securities and Exchange Commission’s website here.
Company Corporate Overview Presentation
To review Naked Brand Group Limited’s Corporate Overview Presentation click here
Full Year Fiscal 2019 Financial Results Conference Call
Naked Brand Group Limited will host its financial results conference call on a soon to be announced date in June 2019. Management will discuss its financial results for the full year fiscal 2019 ended January 31, 2019 and provide a strategic business update with its newly appointed CEO Anna Johnson and CFO David Anderson.
About Naked Brand Group Limited:
Naked Brand Group Limited (NASDAQ: NAKD) is a leading intimate apparel and swimwear company with a diverse portfolio of brands. The company designs, manufactures and markets a portfolio of 12 company-owned and licensed brands, catering to a broad cross-section of consumers and market segments. Brands include Naked, Bendon, Bendon Man, Davenport, Fayreform, Hickory, Lovable, Pleasure State, Heidi Klum Intimates, Heidi Klum Man, Heidi Klum Swim and Frederick’s of Hollywood. Naked Brand Group Limited products are available in 44 countries worldwide through 5500+ retail doors, a growing network of E-commerce sites and 60 company-owned Bendon retail and outlet stores in Australia and New Zealand. Brands are distributed through premier department stores, specialty stores, independent boutiques and third-party e-commerce sites globally, including Macy’s, Nordstrom, Saks Fifth Avenue, Harrods, Selfridges, Amazon and ASOS among others. For more information please visit www.nakedbrands.com.
Use of Non-GAAP Financial Information
This document includes “non-IFRS financial measures”, that is, financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS. Specifically, we make use of the non-IFRS measures “EBITDA”.
EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization and impairment. Our management uses EBITDA as a measure of our operating results and considers it to be a meaningful supplement to profit (loss) before income tax as a performance measurement, primarily because we incur significant depreciation and depletion and the exclusion of impairment losses in EBITDA eliminates the non-cash impact. The intent of EBITDA is to provide additional useful information to investors. However, the measure does not have any standardized meaning under IFRS. Accordingly, this measure should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate EBITDA differently.
A reconciliation of EBITDA to profit (loss) before income tax, the most directly comparable IFRS financial measure, is as follows:
| 12 months ended January 2019 NZ$000 | 12 months ended January 2018 NZ$000 | |||||||
| Segment EBITDA | (25,602 | ) | (24,053 | ) | ||||
| Income tax (expense)/benefit | 1,274 | (60 | ) | |||||
| Impairment expense | (8,173 | ) | (1,914 | ) | ||||
| Finance expense | (4,041 | ) | (8,791 | ) | ||||
| Brand transition, restructure and transaction expenses | (10,075 | ) | (3,272 | ) | ||||
| FX (losses) gains and other reconciling items | (2,603 | ) | 497 | |||||
| Total net loss after tax | (49,220 | ) | (37,593 | ) | ||||
Forward-Looking Statements:
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “pro forma,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding future financial performance (such as statements regarding future cost savings and cash flow from operations), future growth in our business, trends in our industry, product innovation and operational expansion. All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: difficulties in maintaining customer, supplier, employee, operational and strategic relationships; the possibility that a robust market for our shares may not develop; our ability to raise additional financing; our ability to anticipate consumer preferences; and the other risks and uncertainties set forth under “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended January 31, 2019. Further, investors should keep in mind that our revenue and profits can fluctuate materially depending on many factors. Accordingly, our revenue and profits in any particular fiscal period may not be indicative of future results. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.
Investor Contact:
Joel Primus
Naked Brand Group Limited
joel@thenakedshop.com
Chris Tyson
MZ North America
chris.tyson@mzgroup.us
949-491-8235
Naked Brand Group Limited
Consolidated Balance Sheets
As at 31 January 2019, 31 January 2018 and 31 January 2017
| 31
January 2019 NZ$000’s | 31
January 2018 NZ$000’s | 31
January 2017 NZ$000’s | ||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS | ||||||||||||
| Cash and cash equivalents | 1,962 | 10,739 | 2,644 | |||||||||
| Trade and other receivables | 10,574 | 13,165 | 28,090 | |||||||||
| Inventories | 21,120 | 31,113 | 37,751 | |||||||||
| Current tax receivable | 354 | - | 52 | |||||||||
| Related party receivables | 290 | 15,326 | 13,051 | |||||||||
| TOTAL CURRENT ASSETS | 34,300 | 70,343 | 81,588 | |||||||||
| NON-CURRENT ASSETS | ||||||||||||
| Property, plant and equipment | 3,763 | 4,741 | 4,964 | |||||||||
| Deferred tax assets | 692 | - | - | |||||||||
| Intangible assets | 38,145 | 13,012 | 14,680 | |||||||||
| TOTAL NON-CURRENT ASSETS | 42,600 | 17,753 | 19,644 | |||||||||
| TOTAL ASSETS | 76,900 | 88,096 | 101,232 | |||||||||
| LIABILITIES | ||||||||||||
| CURRENT LIABILITIES | ||||||||||||
| Trade and other payables | 35,545 | 32,516 | 28,566 | |||||||||
| Borrowings | 22,016 | 52,121 | 68,998 | |||||||||
| Derivative financial instruments | 1,484 | 2,087 | 4,188 | |||||||||
| Derivative on Convertible Notes | - | 1,110 | 4,112 | |||||||||
| Current tax liabilities | 140 | 786 | - | |||||||||
| Related party payables | 3,622 | 1,369 | 635 | |||||||||
| Provisions | 921 | 1,106 | 1,528 | |||||||||
| TOTAL CURRENT LIABILITIES | 63,728 | 91,095 | 108,027 | |||||||||
| NON-CURRENT LIABILITIES | ||||||||||||
| Provisions | 2,372 | 2,711 | 2,249 | |||||||||
| TOTAL NON-CURRENT LIABILITIES | 2,372 | 2,711 | 2,249 | |||||||||
| TOTAL LIABILITIES | 66,100 | 93,806 | 110,276 | |||||||||
| NET ASSETS/(LIABILITIES) | 10,800 | (5,710 | ) | (9,044 | ) | |||||||
| EQUITY | ||||||||||||
| Share capital | 134,183 | 68,727 | 27,948 | |||||||||
| Other reserves | (1,732 | ) | (2,006 | ) | (2,154 | ) | ||||||
| Accumulated losses | (121,651 | ) | (72,431 | ) | (34,838 | ) | ||||||
| TOTAL EQUITY | 10,800 | (5,710 | ) | (9,044 | ) | |||||||
Naked Brand Group Limited
Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the Periods Ended 31 January 2019, 31 January 2018, 31 January 2017 and 30 June 2016
For
the | For
the | For
the | For
the | |||||||||||||
| Revenue | 111,920 | 131,388 | 96,284 | 151,000 | ||||||||||||
| Cost of goods sold | (74,480 | ) | (87,459 | ) | (57,144 | ) | (83,525 | ) | ||||||||
| Gross profit | 37,440 | 43,929 | 39,140 | 67,475 | ||||||||||||
| Brand management | (49,256 | ) | (53,653 | ) | (32,040 | ) | (48,362 | ) | ||||||||
| Administrative expenses | (3,432 | ) | (4,131 | ) | (2,383 | ) | (4,090 | ) | ||||||||
| Corporate expenses | (14,145 | ) | (12,851 | ) | (8,082 | ) | (13,002 | ) | ||||||||
| Finance expense | (4,041 | ) | (8,791 | ) | (6,238 | ) | (10,409 | ) | ||||||||
| Brand transition, restructure and transaction expenses | (10,075 | ) | (3,272 | ) | (1,321 | ) | (2,232 | ) | ||||||||
| Impairment expense | (8,173 | ) | (1,914 | ) | (292 | ) | (2,157 | ) | ||||||||
| Other foreign currency gains/(losses) | 1,963 | 757 | (3,306 | ) | (2,423 | ) | ||||||||||
| Fair value gain/(loss) on Convertible Notes derivative | (775 | ) | 2,393 | (592 | ) | - | ||||||||||
| Loss before income tax | (50,494 | ) | (37,533 | ) | (15,114 | ) | (15,200 | ) | ||||||||
| Income tax (expense)/benefit | 1,274 | (60 | ) | (865 | ) | (5,546 | ) | |||||||||
| Loss for the period | (49,220 | ) | (37,593 | ) | (15,979 | ) | (20,746 | ) | ||||||||
| Other comprehensive income | ||||||||||||||||
| Items that may be reclassified to profit or loss | ||||||||||||||||
| Exchange differences on translation of foreign operations | 274 | 148 | (29 | ) | 31 | |||||||||||
| Other comprehensive income/(loss) for the period, net of tax | 274 | 148 | (29 | ) | 31 | |||||||||||
| Total comprehensive income/(loss) for the period | (48.946 | ) | (37,445 | ) | (16,008 | ) | (20,715 | ) | ||||||||
| Total comprehensive income/(loss) attributable to: | ||||||||||||||||
| Owners of Naked Brand Group Limited | (48,946 | ) | (37,445 | ) | (16,008 | ) | (20,715 | ) | ||||||||
For the Year Ended 31 January 2019 | For the Year Ended 31 January 2018 | For the 7 Months Ended 31 January 2017 | For the Year Ended 30 June 2016 | |||||||||||||
| Loss per share for profit from continuing operations attributable to the ordinary equity holders of the company: | ||||||||||||||||
| Basic loss per share (NZ$) | (1.65 | ) | (1.79 | ) | (0.82 | ) | (1.13 | ) | ||||||||
| Diluted loss per share (NZ$) | (1.65 | ) | (1.79 | ) | (0.82 | ) | (1.13 | ) | ||||||||
A stock reorganization occurred on the 19th June 2018 upon completion of the merger between Naked Brands Inc. and Bendon Limited. As a result, the calculation of basic and diluted earnings per share for 2018, 2017 and 2016 has been adjusted retrospectively. The number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares
Exhibit 99.2
 |
Naked Brand Group Limited Appoints David Anderson as Chief Financial Officer
20-Year Consumer Goods Financial Executive to Augment Company’s New Strategic Direction & Planned Return to Profitability
SYDNEY - June 11, 2019 - Naked Brand Group Limited (Nasdaq: NAKD) (“Naked” or the “Company”), a global leader in intimate apparel and swimwear, has appointed experienced financial executive and proven business leader David Anderson as the company’s new chief financial officer. Anderson will succeed Howard Herman, current chief financial officer who will remain with the company until June 17, 2019 and through the company’s upcoming 20-F filing.
Mr. Anderson joins Naked from his role as Head of Finance for Goodman Fielder, one of the largest consumer goods companies in New Zealand, where he oversaw all financial aspects of the business and led numerous successful accretive acquisitions. During his time at Goodman Fielder, Anderson developed and spearheaded the implementation of several strategic initiatives to drive improved performance throughout the business.
Prior to Goodman Fielder, Mr. Anderson acted as Chief Financial Officer and Chief Operating Officer for Icebreaker, a global apparel brand sold in 43 countries worldwide. Mr. Anderson played an instrumental role in managing Icebreaker’s immense growth as it approximately quadrupled sales as it moved from a wholesale to a direct to consumer model, chiefly through company owned retail stores and eCommerce.
Previously, Anderson worked at PricewaterhouseCoopers, where he was Associate Director for Business Recovery Services, focusing primarily on business turnaround assignments. Anderson holds a Bachelor of Commerce and administration in accountancy and commercial law, as well as a Bachelor of Arts in politics from Victoria University, Wellington.
“We welcome David Anderson as our new chief financial officer during a critical financial and operational inflection point for the company,” said Anna Johnson, Chief Executive Officer of Naked Brand Group Limited. “The necessary corporate restructuring has been completed and now David will bring the financial expertise required to orchestrate our aggressive growth plans. In fact, David’s logistics and supply chain experience will be invaluable as we implement the next phase of our cost reduction and efficiencies into the business. In addition to those synergies, Mr. Anderson’s proven track record in corporate turnarounds and mergers and acquisitions in the consumer sector will also amplify our initiatives in the direct to consumer model at Naked.
“Finally, I would like to thank Howard Herman, who has resigned from the business to pursue new career opportunities, for his outstanding service to the company as CFO over the past several years and for his commitment to completing the Naked and Bendon Merger process. We wish him the best in his future endeavors. We look forward to working with David Anderson going forward to execute upon our strategic new direction, generating long-term, sustainable value for our shareholders,” concluded Johnson.
“I am thrilled to join the team at Naked,” said David Anderson. “The company is entering an exciting, transformative period in its history as it transitions to a consumer led strategy for all of our global trading partners to leverage from. I look forward to playing an integral role in its future growth, working closely with Anna and the board to lead the company into 2019 and beyond.”
About Naked Brand Group Limited:
Naked Brand Group Limited (NASDAQ: NAKD) is a leading intimate apparel and swimwear company with a diverse portfolio of brands. The company designs, manufactures and markets a portfolio of 11 company-owned and licensed brands, catering to a broad cross-section of consumers and market segments. Brands include Naked, Bendon, Bendon Man, Davenport, Fayreform, Hickory, Lovable, Pleasure State, Heidi Klum Intimates, Heidi Klum Man, Heidi Klum Swim. Naked Brand Group Limited products are available in 44 countries worldwide through 6,000 retail doors, a growing network of E-commerce sites and 61 company-owned Bendon retail and outlet stores in Australia and New Zealand. Brands are distributed through premier department stores, specialty stores, independent boutiques and third-party e-commerce sites globally, including Macy’s, Nordstrom, Saks Fifth Avenue, Harrods, Selfridges, Amazon and ASOS among others. For more information please visit www.nakedbrands.com.
Forward-Looking Statements:
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as ‘‘may,’’ ‘‘believe,’’ ‘‘anticipate,’’ ‘‘could,’’ ‘‘should,’’ ‘‘intend,’’ ‘‘plan,’’ ‘‘will,’’ ‘‘aim(s),’’ ‘‘ can,’’ ‘‘would,’’ ‘‘expect(s),’’ ‘‘estimate(s),’’ ‘‘project(s),’’ ‘‘forecast(s)’’, ‘‘positioned,’’ ‘‘approximately,’’ ‘‘potential,’’ ‘‘goal,’’ ‘‘pro forma,’’ ‘‘strategy,’’ ‘‘outlook’’ and similar expressions. Examples of forward-looking statements include, among other things, statements regarding future financial performance, future growth in our business, trends in our industry, product innovation and operational expansion. All such forward-looking statements are based on management’s current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our ability to integrate the operations of Bendon Limited and Naked Brand Group Inc.; the risk that the projected value creation and efficiencies from the transaction with Bendon Limited and Naked Brand Group Inc. will not be realized; difficulties in maintaining customer, supplier, employee, operational and strategic relationships; the possibility that a robust market for our shares may not develop; our ability to raise additional financing; our ability to anticipate consumer preferences; and the other risks and uncertainties set forth under ‘‘Risk Factors’’ in our Annual Report on Form 20-F for the fiscal year ended January 31, 2018, as amended. Further, investors should keep in mind that our revenue and profits can fluctuate materially depending on many factors. Accordingly, our revenue and profits in any particular fiscal period may not be indicative of future results. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.
Investor Contact:
Joel Primus
Naked Brand Group Limited
joel@thenakedshop.com
Chris Tyson
MZ North America
chris.tyson@mzgroup.us
949-491-8235
