It's true – Naked Brand Group Inc has successfully merged with Bendon Limited. Naked is an innovative fashion and lifestyle brand which now falls under ownership of a newly formed company Bendon Group Holding Limited, which has been RENAMED Naked Brand Group Limited ("Holdco") and exchanged their securities for ordinary shares of Holdco. Naked's shares were exchanged for Holdco shares at the rate of 1 Naked share for 0.2 Holdco shares. Holdco’s ordinary shares will commence trading on The Nasdaq Stock Market under the symbol “NAKD”.
We are thrilled to have completed this business combination thereby creating a powerful portfolio of iconic innerwear, sleepwear, and swimwear brands. This business combination is the culmination of hard work and dedication and we thank our shareholders for their support," said Carole Hochman, Holdco's newly appointed Executive Chairman and Naked's Chief Executive Officer.
Holdco's Chief Executive Officer, Justin Davis-Rice, also commented they believe this merger will enable the combined company to strengthen its global industry leadership and continue to drive growth over the long-term. "Through the use of the U.S. capital markets, we anticipate having financial flexibility to expand distribution networks and further develop our businesses as well as acquire complementary brands. We are excited to further revolutionize the lingerie industry through our unwavering commitment to best in category innovation in design and technology within product and brand development," added Davis-Rice.