26/06/2022

THAILAND DAILY

NEWSPAPER / MAGAZINE / PUBLISHER

vertice-to-sell-remaining-stake-in-fashion-business-kumpulan-voir

Vertice to sell remaining stake in fashion business Kumpulan Voir

Construction group Vertice is set to sell its 40-per-cent stake in Kumpulan Voir to Distinct Seasons for RM9 million (US$2 million) due to poor performance since 2017. 

Established in 1988, Kumpulan Voir, is a designer and retailer of women’s apparel, footwear and accessories. The company has been incurring consecutive losses for several years, especially since the imposition of Covid-19 measures. Despite implementing changes to its trading model, the company continued to show further declines.

Due to the “dismal performance” the fashion group now requires further financing to support its business operations, Vertice said, something Vertice was not prepared to do.

“The proposed disposal will allow the group to limit its financing obligations in this regard (if such obligation arises).” 

The proposed sale is expected to be completed in the second quarter of this year. 

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