Naked Brand Group to postpone proposed transaction with Sapinda Holding B.V.
Naked Brand Group has determined to postpone its previously announced proposed $25M strategic investment from Sapinda Holding B.V., a leading European investment firm and owner of the globally recognized Italian luxury-lingerie firm La Perla, due to current market conditions. "Unfortunately, the recent stock market volatility has compromised our ability to maximize our proposed investment relative to substantial dilution based upon Naked's current share price," said Lars Windhorst, Co-Founder and CEO of Sapinda. "We hope to re-evaluate the proposed transaction once market conditions stabilize and look forward to building a long-term partnership with Naked in the future." "We remain committed to our e-commerce initiatives and look forward to working with Sapinda in the future," said Justin Davis-Rice, Chief Executive Officer of Naked Brand Group Limited. "While we can't control market conditions, we always keep the interests of our shareholders paramount and expect to provide a comprehensive update on our soon to be announced shareholder update call in November," concluded Davis-Rice.