City Chic Collective Limited (AU:CCX) has released an update.
City Chic Collective Limited has announced the sale of its Avenue brand to FullBeauty Brands for US$12 million as part of its business transformation, which includes a $23.0 million equity raising. The move aims to streamline operations, focus on the core City Chic customer, and drive cost savings expected to reach $11.5 million in FY25F after significant cost reductions in FY24. Despite challenging trading conditions with a ~30% drop in FY24 sales, positive trends in average sell price and margin indicate a promising outlook for FY25F.
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