GQN Global Brands Acquisition Corp.

Item 8.01. Other Events

On December 12, 2007, Global Brands Acquisition Corp. (the “Company”) consummated the initial public offering (“IPO”) of 28,750,000 of its units (“Units”), including 3,750,000 Units subject to the underwriters’ over-allotment option. Each Unit consists of one share of Common Stock, $.0001 par value per share (“Common Stock”), and one Warrant (“Warrant”), to purchase one share of Common Stock at an exercise price of $7.00 per share. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $287,500,000.

Simultaneously with the consummation of the IPO, the Company consummated the private sale (“Private Sale”) of 5,000,000 warrants (“Sponsor’s Warrants”) at a price of $1.00 per Sponsor’s Warrant, generating total proceeds of $5,000,000. The Sponsor’s Warrants were purchased by JLJ Partners, LLC, an entity beneficially owned approximately one-third each by Joel J. Horowitz, the Company’s chief executive officer, treasurer and director, Lawrence S. Stroll, the Company’s chairman of the board, and John D. Idol, the Company’s president, secretary and director, either directly or through entities of which they or their family members are owners and beneficiaries. The Sponsor’s Warrants are identical to the Warrants included in the Units sold in the IPO except that the Sponsor’s Warrants are exercisable on a cashless basis and, if the Company calls the Warrants for redemption, the Sponsor’s Warrants will not be redeemable by the Company so long as they are held by this purchaser or its permitted transferees. In addition, the purchaser of the Sponsor’s Warrants has agreed that the Sponsor’s Warrants will not be sold or transferred by it until after the Company has completed a business combination, subject to certain exceptions.

Audited financial statements as of December 12, 2007 reflecting receipt of the proceeds received by the Company in connection with the consummation of the IPO and the Private Sale have been issued by the Company and are included as Exhibit 99.1 to this Current Report on Form 8-K.

In addition, the Company announced that separate trading of the common stock and warrants underlying the units will commence on December 18, 2007. The common stock and warrants will be listed on the American Stock Exchange under the symbols GQN and GQN.WS, respectively. Units not separated will continue to trade on the American Stock Exchange under the symbol GQN.U.