August 23 – Not everything he touches turns to gold. Star striker Zlatan Ibrahimovic, now thumping goal in at the LA Galaxy in the US, has taken a hit himself and has closed his joint venture fashion label A-Z label.
Partnered with Norwegian clothing giant Varner Group, the fashion label was launched in 2016. However, two years into the venture and with losses of €20 million, the decision has been taken to shut the business.
In 2017, the company reported it had made “higher than expected” losses due to marketing costs.
Financial Director of Varner Group, Toralf Riskild, said at the time: “2016 was the first year of the company and we had high commercialisation costs, but of course we expect improved sales and improved results.
“We knew we would not make money in the first year but the losses were higher than expected.”
Not even Zlatan appearing in an ad wearing just his underpants could save the business, which is still retailing on line but with most items on sale at 50% off.
The brand name A-Z was based on Ibrahimovic’s journey from ‘Amateur to Zlatan’. Varner Group is a leading textile company which sells clothing in stores in Norway, Sweden, Finland, Denmark, Iceland, Poland, Germany and Austria.
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