Harvey Norman sells stake in apparel group

GerryHarveyHarvey Norman has sold its 7.2 per cent stake in apparel supplier Gazal for $10.4 million.

The furniture and consumer electronics retailer will make a pre-tax profit of nearly $4 million, having bought the stake in September 2016 for $6.5 million.

It sold its interest in Gazal, a listed supplier of clothing brands, including Van Heusen, Calvin Klein and Nancy Ganz on Wednesday, notices released to the ASX show.

Harvey Norman co-founder and chairman Gerry Harvey is well known for investing in other areas, including his not-so-successful investment in a Victorian dairy farm, Coomboona.

Coomboona Holdings, which Harvey Norman paid $34 million for a 49.9 per cent stake in the farm in 2015, slipped into receivership last month.

Harvey Norman has booked a further $4.57 million loss on its share of Coomboona’s trading activities on top of the $20.7 million impairment it booked against the joint venture in February’s half-year results.

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