Household goods retailer Steinhoff Asia Pacific Group Holdings announced it has rebranded as Greenlit Brands Pty Limited, and secured new financing through local banks, to combat the negative image held by parent company Steinhoff International Holdings NV.
“The Greenlit Brands identity is contemporary and vibrant,” Greenlit Brands’ group chief executive Michael Ford said.
“It encapsulates the fact that we are a broad group covering a variety of segments across both household goods and general merchandise, both in retail and non-retail operations.”
Ford notes that the group runs its own manufacturing logistics and supply chain operations to support its retail brands, which cover the good, better and best spectrum of the sector.
The group, which owns Freedom, Fantastic Furniture, Snooze and Best & Less, lodged trademark applications for Greenlit Brands, Greenlit Holdings and Greenlit Retail earlier in the year.
The name and logo were developed within the Group following a group-wide voting process.
The change comes about after a difficult year for South Africa-based parent company Steinhoff International after it came under investigation for potential fraud over lodging inaccurate financial records, leaving a $9.2 billion hole.
The accounting irregularities have provided cause for concern over the financial stability of the group, though Greenlit Brands has secured new, local financial support through a syndicate of three Australian-based banks, comprised of ANZ, NAB and Deutsche Bank.
“Putting in place longer term funding arrangements for Greenlit Brands is a major step forward for our Group,” Greenlit Brands’ chief financial officer Michael Gordon said.
“This important initiative provides our 10,000 employees, our suppliers and our business partners across all of our respective brands with certainty about the Group and is indicative of the strength and independence of our Group in Australasia.”
The group noted, however, that no decision has been made concerning the separation from ownership by Steinhoff International, and that Greenlit Brands will continue to be a wholly-owned subsidiary while various options are considered.
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