ITALY: Fila Sells Australian Subsidiary Oceania
Troubled Italian sportswear group Fila International has sold its Australian subsidiary, Fila Oceania, to a new company called SM Brands which is led by several of its former executives. Media reports on Friday claimed the deal is worth about A$10 million, with SM Brands retaining all Fila employees and its five stores but promising to cut back on its extensive sport marketing activities.