An international group is seeking to invest in Singapore brand-management company FJ Benjamin, which has such brands as Bell & Ross, Givenchy, Guess and Tom Ford in its portfolio.
FJ Benjamin says it has entered into a non-binding term sheet, a document that sets out the terms and conditions under which an investment will be made, with an offshore third party.
This term sheet would be “in relation to a potential transaction which may enhance or unlock shareholder value”, the company said in a release to the Singapore Exchange.
With mall vacancies in Singapore for the three months to June 30 rising to 7.8 per cent from 7.3 per cent the previous quarter, FJ Benjamin saw its net loss for the fiscal year ended the same date balloon by 35 per cent to about S$23.5 million (US$16.6 million) while revenue fell by 14 per cent to S$253.6 million – its third consecutive year of losses.
Managing more than 20 brands, FJ Benjamin has 226 stores in eight cities. One of its international labels, Raoul, closed its last store in Singapore, in Paragon mall, in February.