Struggling women's clothing retailer Noni B is acquiring two fashion brands under changes by its new private equity owner.
It is buying Queenspark, an online fashion store, and Events for $675,000 from BD Standard Pty Ltd, a private company which has recently changed its name from Universal Retail Brands.
Noni B has told the Australian Securities Exchange it will operate an online business under the Queenspark and Events label, and is considering whether to licence certain stores.
The acquisition is being funded from existing cash reserves, and comes only three weeks after Noni B's new chief executive Scott Evans told the company's annual general meeting it was expecting a third straight year of losses in 2014/15.
In September, private equity group Alceon indicated it was interested in acquiring the Queenspark and Events brands as it attempted to buy all of Noni B.
Alceon now holds about 80 per cent of Noni B shares following a $16.4 million takeover.
In December, Noni B founder Alan Kindl resigned from the board of the company he started in 1977, when he bought two women's fashion stores in NSW.
