A WHOLLY-owned unit of Iconic Worldwide Bhd (KL:ICONIC) Iconic Medicare Sdn Bhd (IMED) has filed a lawsuit against Jovian Apparel Sdn Bhd over an alleged outstanding sum of RM4.96 mil for unpaid face masks supplied to the fashion retailer.
In a filing with Bursa Malaysia, Iconic Worldwide stated that IMED, a major contributor to the group’s financial performance, had submitted a writ of summons and statement of claim against Jovian Apparel on May 13, 2024, at the Penang High Court.
Founded by Malaysian fashion designer Datuk Jovian Mandagie, Jovian Apparel has been a prominent name in the fashion industry since it launched its ready-to-wear line in 2012. The brand further diversified by launching its own line of face masks during the height of the pandemic in 2020.
Moreover, Jovian is the ex-husband of Nina Sabrina Ismail Sabri, daughter of former premier Datuk Seri Ismail Sabri. The couple married on Dec 11, 2013, and decided to end their 10-year union in August 2023, citing mutual agreement and best interests for their separation.
According to the statement of claim, IMED had supplied customised face masks to Jovian Apparel under the Jovian RTW brand.
However, IMED alleged that Jovian Apparel has failed to make full payment for the delivered stock, leaving a debt of RM3.16 mil, which includes warehouse charges and interest.
Jovian Apparel had placed further orders for face masks, prepared by IMED, but has since ignored or refused to provide a delivery schedule for these masks, valued at RM1.80 mil as of April 19.
“Despite various attempts from the plaintiff (IMED) in demanding the outstanding debts, the defendant (Jovian Apparel) still refuses or neglects to make payment to the plaintiff,” the statement of claim read.
Furthermore, Jovian announced in an Instagram video earlier this month that he was closing the fashion house, with all products up for a clearance sale. This announcement has raised concerns about the financial stability of Jovian Apparel.
Shares of Iconic Worldwide, primarily engaged in tourism, property development, and manufacturing of personal protective equipment, fell one sen to 10.5 sen on Thursday (May 16), bringing the market capitalisation to RM169.76 mil.
