Why Naked Brand Stock Popped Today

Naked Brand Group's (NASDAQ: NAKD) stock price climbed 4.8% on Friday after the swimwear and intimate apparel maker said its shareholders voted to approve the sale of its traditional retail business.  

Naked Brand Group will now divest its unprofitable Bendon brick-and-mortar operations and focus solely on its e-commerce platform. CEO Justin Davis-Rice said the company would also consider purchasing other businesses to bolster Naked's online growth initiatives.

"Our Frederick's of Hollywood e-commerce business continues to perform, and we are currently evaluating several synergistic acquisition targets that could position Naked as a strong player in intimate apparel," Davis-Rice said in a press release.

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Source Fool.com