EBTM eyes efficiency drive with sale of Lowlife brand
Tuesday, October 14, 2008
Online fashion retailer EBTM has sold its Lowlife accessory brand to Plus Brands as part of an effort to restructure its wholesale business, improve efficiencies and boost margins. The deal will see EBTM retain exclusive, perpetual distribution rights for the Lowlife brand in the UK on what it called favourable commercial terms.
The reduction in overhead, partly resulting from the sale, is expected to result in annualised total savings of around £0.6 million. EBTM said that with the uncertainty amongst UK High Street retailers, wholesale revenues would be lower than previously expected. However, the restructuring of the division has been implemented to maintain the expected profitability of the group.
EBTM purchased the Lowlife brand as part of the acquisition in May 2007 of Lowlife Corporation Ltd, the wholesaler of music inspired clothing and accessories. Plus Brands is owned by Dale Masters, Lowlife Corporation's founder, a former director of EBTM and a major shareholder of EBTM.
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