FJ Benjamin will stop retailing and distributing Guess products in Malaysia and Indonesia by Dec 31, says the SGX-listed group on Sept 5.
This comes after the group’s wholly-owned subsidiary, FJ Benjamin (Singapore), and Guess Europe Sagl, have mutually agreed to end their relationship.
According to the group, the retail and distribution of Guess products is with FJ Benjamin (M), the group’s subsidiary in Malaysia and PT Gilang Agung Persada, the group’s associated company in Indonesia.
These companies will each enter into a sale and purchase agreement with the new distributor for Malaysia and Indonesia.
As Guess is a “significant” brand within FJ Benjamin’s portfolio, the group expects that the move is likely to have a material impact on its financial results.
“The board wishes to thank Guess for its long partnership and will work together with the new distributor to ensure a seamless transition of the Guess business,” says the group.
See also: FJ Benjamin signs two-year renewal contract with La Senza in Singapore, Malaysia and Indonesia
As at 9.01am, shares in FJ Benjamin are trading 0.1 cent lower or 7.69% down at 1.2 cents.
