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Greensleeves has finally made money
on Friday, November 21st 2008 - 7 657 views
Bought by VP Records in January 2008 (news of 28/01/2008), the Greensleeves label is showing a positive balance sheet for the first time in years, its president Olivier Chastan told the Jamaica Observer.
Efforts have been mainly concentrated on improving sales and marketing, he says. As a result, the company returned to profit from June 2008, despite the liabilities dating from the time when ZEST had acquired the label (news of 29/03/2006). In the operation, ZEST lost 870,000 euros, even selling Greensleeves for less than it had bought it two years earlier (3.7 million euros against 3.4 million euros).
Greensleeves has a catalogue of 400 albums and 900 singles. A war chest that will not go unexploited, as reissues are expected.
Tags : Reggae business (59), Greensleeves records (21)
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