James Packer divests fashion stake

Noni BJames Packer’s private investment company, Consolidated Press Holdings, has sold its stake in fashion retailer, Noni B.

CPH made the announcement yesterday, asserting the divestment comes following the successful integration of the Pretty Girl and Noni B businesses and a strategic refocus.

The stake has been acquired by a number of institutions, including companies who bought shares in the capital raising associated with the Pretty Girl acquisition.

“We thank CPH for their cooperation and support in the successful integration of the Pretty Girl and Noni B businesses and we thank their institutional shareholders who have contined to support us,” said Richard Facioni, chairman of Noni B.

“We welcome some new institutional shareholders as well”.

In its recent half-year results, Noni B posted positive growth in revenue for the half year ending December 25, 2016, which already includes a four-month contribution from the recently acquired Pretty Girl business.

The retailer reported group total revenue increase to $143 million for the half and positive growth in like-for-like sales, notwithstanding the exclusion of Boxing Day from the half.

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