Hong Kong’s Global Brands buys hosiery maker Planet Sox in deal worth US$130 million
Global Brands Group, the Bruce Rockowitz-led purveyor of mid-market consumer brands, has acquired PS Brands, the owner of the Planet Sox brand of socks and tights, in a deal worth up to US$130 million , the company announced in an exchange filing today.
The deal marks a busy 12 months for Hong Kong listed Global Brands, including an eye-catching tie up with football star David Beckham to launch a Beckham branded sportswear and skincare product range.
Global Brands will initially pay US$33.6 million, with a further US$96.4 million dependent upon performance, for the 21 year old PS Brands. The New York based firm last year reported US$8.6 million in pre-tax profits off US$100.2 million in net sales.
This latest deal enables “the Group to be a top player in the licensed sock market in North America”, Global Brands chairman William Fund Kwok-lun wrote in Friday’s filing.
Global Sources will likely try to introduce PS Brands range of hosiery, which includes licenses with Disney, Nickelodeon and Fila, into Asia, following the firm’s strategy of taking local brands global. Most recently, in September Global Brands launched Spyder ski wear in South Korea.