Naked Now A Car Firm, Exits FOH Lingerie

Naked Brand Group has changed its name to Cenntro Electric Group Limited (CAG) after joining with the electric vehicle company just before the new year, and “has divested its FOH Online business,” which offered Frederick’s of Hollywood lingerie.

After completing the transaction, which was first proposed in November, Cenntro’s new chairman and CEO, Peter Wang, “will lead the combined company. Naked’s former chairman and CEO Justin Davis-Rice and non-executive director Simon Tripp will remain on the board of the combined company.”

“We believe that today’s milestone combined with our unique commercial EV technology will help us accelerate the delivery of our commercial electric vehicles and take a significant share of the approximately $2.1 billion EV sales forecast by 2023,” according to Wang.

The company noted that “the shareholders of Naked immediately after the conclusion of the transaction own approximately 31.85% of the combined company, and CAG and its equity stakeholders own approximately 68.15%, on a fully diluted basis.”