Bendon Merges with Naked Brand
The Corporate Advisory team at law firm Wynn Williams has recently acted for Bendon on its merger with Naked Brand and its stock exchange listing on the Nasdaq.
Bendon is an iconic New Zealand intimate apparel business that is host to brands such as Heidi Klum, Stella McCartney, Fredrick's of Hollywood, Hickory, Fayreform and Davenport.
Naked Brand is a US based intimates and sleepwear business that was (prior to the merger) itself listed on the Nasdaq, and is sold at major retailers such as Saks Fifth Avenue, Nordstrom and Bloomingdale’s.
The New Zealand aspects of the transaction involved a capital raising in advance of the listing and a scrip-for-scrip rollover of the New Zealand shareholders in Bendon into a new Australian company, called Naked Brand Group Limited. This new company listed on the Nasdaq with the stock ticker "NAKD". The Naked Brand shareholders in the US swapped their shares for shares in the new company, and delisted their entity from the Nasdaq.
The core business of Bendon will remain in New Zealand, with its main distribution centre based in Auckland.