Simon Property Group sold at the right time for a good price. Credit: Shutterstock.

Simon Property Group’s chairman, CEO and president David Simon has revealed the company “successfully sold” its remaining investment in Authentic Brands Group generating total gross proceeds of $1.45bn.

This included the sale of a portion of its interest in Q4 of 2023.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The company’s Q1 results benefitted from the sale of its remaining ownership interest in Authentic Brands Group with its net income including after-tax net gains of $303.9m, or $0.81 per diluted share. It has also raised its quarterly dividend and is increasing the mid-point of its full-year 2024 guidance.

GlobalData retail analyst Neil Saunders told Just Style exclusively: “Simon’s core property business is solid so it doesn’t rely on retail as an add-on.”

However, he continued: “The company has generated a fantastic return on its investment, and probably felt that the time was right to sell its remaining stake as it received a good price for it.”

Saunders also pointed out that while the venture has been incredibly successful, Simon has always made it clear that its focus is on property rather than on retail.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Neither Simon Property Group nor Authentic Brands Group responded to Just Style’s request for comment at the time of going to press.

In February Authentic reportedly ended its dealings with AARC, a Dutch company that had been running its Ted Baker stores and e-commerce business in Europe.

Earlier this year industry onlookers suggested classic footwear brand Sperry, owned by Wolverine Worldwide, would benefit from a modern facelift following its acquisition by Authentic Brands Group and its licensing deal with Aldo Group.