City Chic Collective CEO Phil Ryan has confirmed that the recent sale of its Avenue business will drive further restructuring actions ahead, resulting in a focused single brand and simplified operating model.
This week, the group signed a definitive agreement to divest its US-based Avenue business to FullBeauty Brands for US$12 million (~A$18 million) as part of a broader business transformation.
At the same time, the plus-size fashion business has launched a $23 million equity raising comprising an accelerated non-renounceable entitlement offer and institutional placement.
Ryan said following the sale of Avenue, City Chic will focus on its core City Chic customers in Australia and New Zealand and in the United States, where the custome…
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