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GBMI sells Pony
Footwear manufacturer Global Brand Marketing Inc. (GBMI) has announced the sale of its majority interest in Pony International LLC to Sharp Gain Profits Limited, a member of the Symphony Holdings Group based in Hong Kong.
The two other entities with interests in Pony, The Firm Shoes, Inc. and Itochu International Inc., have also sold their respective interests to Sharp Gain Profits Limited, making the company the sole owner of the athletic apparel and footwear brand. GBMI will consult with Pony’s new owner under a management services contract and will assist with components of the transition for a limited time following the closing of the sale.
“By selling our majority interest in Pony we have significantly improved the financial strength of GBMI. As we look to 2007 and beyond, we are now poised for further growth, both organically and through additional acquisitions and/or licensing opportunities. This transaction dramatically assists us in our endeavors to take GBMI to the next level.” commented CEO Killick Datta in a written statement. Datta founded GBMI in late 1996 and the company is owner of Dry-shoD, DryshoD Verde and FunFlopps brands, retail store chain Global Feet, and is the authorized global footwear licensee of Diesel, XOXO, Nautica, and Mecca.
The sale follows the recent announcement of Martin Mcdermut’s appointment as Senior Vice President and Chief Financial Officer at GBMI. McDermut will be responsible for all aspects of corporate accounting and financial management, budgeting and forecasting. Previously McDurmut was Senior Vice President and Chief Financial Officer of Superconductor Technologies (NASDAQ: SCON), a developer and manufacturer of products for wireless networks. He holds over 20 years of progressive and successful experience in all phases of finance/accounting and general management and has also served in senior financial executive positions at Pet Metro, Inc. and Price Waterhouse Coopers.
