Multi-brand fashion company Global Brand Marketing (GBMI) is to sell off a minority stake to fund future growth and acquisitions.

Founder, chairman and chief executive Killick Datta made the announcement when he revealed that Martin McDermut had been appointed to the post of senior vice president and chief financial officer.

He said: "GBMI continues to exceed expectations and I now plan to sell a minority interest in GBMI to capitalise the company for both growth and acquisitions.

"Martin's extensive background in financial management and his significant accomplishments in raising capital will be a tremendous asset to GBMI."

McDermut was previously senior vice president and CFO at Superconductor Technologies. He has more than 20 years' experience in accounting and financial management.

GBMI is majority owner of Pony International and is global footwear licensee of Diesel, XOXO, Nautica, Harlem Globetrotters, Doggy Biscuitz by Snoop Dogg and Mecca.