Odd Molly International AB (publ)
Stockholm, March 26, 2019
Odd Molly plans to carry out robust marketing initiatives in 2019 to boost brand awareness and sales in its own channels and among retailers. In conjunction with this, an agreement has been reached with Aggregate Media, enabling effective exposure across broad channels. As part of this marketing initiative, the Board of Directors has decided to exercise elements of the mandate granted by the 2018 Annual General Meeting and is implementing a directed offset issue and a directed cash issue totaling SEK 5 million to Aggregate Media, encompassing a total of 500,000 shares at a price of SEK 10.
At the end of 2018, Odd Molly established an updated expansion strategy to strengthen its digital and international growth by reducing its cost base, complexity and tied-up capital. In its ongoing development activities, the company is focusing on its brands and sustainability in addition to the optimization of its product range and sales channels.
The aim is to strengthen the company’s brand position and create a platform to become an internationally recognized brand. The revitalization of Odd Molly as a brand is thus a prioritized component of the strategy. The new profile, which has been developed in collaboration with a strategic brand agency, will feature in the company’s campaigns from the beginning of April. The brand will be represented by strong female ambassadors who, like Odd Molly, are not afraid to go their own way. The musicians and sisters Neneh Cherry and Titiyo will be Odd Molly ambassadors throughout 2019. The sisters will be the faces of the company’s campaigns and participate in activities surrounding the collections.
“This is the first time my sister and I have worked together professionally. So, I’m especially happy that Odd Molly thought of us. Odd Molly is a brand that didn’t have a natural place in my wardrobe, but now I’m looking for more color and patterns. Hence, the timing of this, and the challenge itself, feels just right. It’s going to be really fun to take this journey together,” says Titiyo on the collaboration with Odd Molly.
“Odd Molly has always represented a fashion brand that is not afraid to go its own way. We are now embarking on a new journey. That is why we are very pleased to announce a long-term collaboration with two unique performers and personalities that represent similar values to those reflected by our company,” says Jennie Högstedt Björk, CEO of Odd Molly.
To achieve maximum impact in spreading its message, the company has worked with various partners to formulate a new media and channel strategy. When it comes to media purchasing, Odd Molly is working with Aggregate Media to achieve maximum media advertising in a cost-efficient manner. Aggregate Media invests in media advertising as venture capital together with companies that are in an expansive phase to reach a broader market in an effective manner and in the right channels.
As the basis for its collaboration with Aggregate Media, Odd Molly has ordered SEK 2.5 million in media advertising, which the company has paid for by implementing a directed offset issue to Aggregate Media for 250,000 shares at a price of SEK 10 per share. In addition, Odd Molly has paid SEK 2.5 million in cash to Aggregate Media for media advertising to be utilized by December 31, 2020. Aggregate Media has subscribed for a directed cash issue in Odd Molly for 250,000 shares at a price of SEK 10 per share. Accordingly, Aggregate Media has subscribed for a total of 500,000 newly issued shares in Odd Molly at a price of SEK 5 million corresponding to approximately 5.6 percent of the shares in the company following registration of these shares.
For further information, please contact:
Patrik Tillman, Chairman of the Board
+46 733 50 61 20
Johanna Palm, CFO
+46 760 10 24 55
This constitutes information that Odd Molly International AB is legally obliged to publish under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 3:45 p.m. CET on March 26, 2019.