The star is apparently in early stage negotiations with Global Brands Group to buy out its stake in the licensing joint venture.
David Beckham is apparently in talks with Global Brands Group about buying out its stake in a licensing joint venture with his consumer goods business, Seven Global.
Sky News reported yesterday (14 July) that the star’s David Beckham Ventures was in early stage negotiations with GBG to buy the stake for an estimated £29 million.
DBVL is understood to currently have a 49% stake in Seven Global, which was formed in 2015 in the wake of the former footballer’s commercial relationship with Simon Fuller’s XIX Entertainment.
Picking up GBG’s stake would mean that he would have greater control over a number of commercial deals including those with adidas, watch brand Tudor, Coty and eyewear specialist Safilo (pictured).
The news follows reports that GBG – which was originally created as a division of Hong Kong-based fashion company Li & Fung, before being spun off and listed on the HK Stock Exchange in 2014 – was looking to offload brands amid the fall out from Covid-19.
Last month it issued a statement to the Hong Kong Stock Exchange declaring its doubt about being able to continue as a going concern as its liabilities exceeded its assets by $899m at the end of September.