UK: Bosideng to acquire men's wear firm Greenwoods
Bosideng already operates this flagship store in London
Clothing company Bosideng International Holdings, China's largest producer of down apparel, is to buy UK retailer Greenwoods Menswear for CNY40m (US$6.5m) to strengthen its presence in the country.
Under the deal, Fastspeed Investments will sell the entire share capital of Pacific Trend Investment, which owns 96% of Greenwoods Menswear, to Bosideng International Holdings subsidiary Bosideng International Fashion.
Bosideng already has an international flagship store and European headquarters in London, and will use the acquisition to strengthen its men's wear business and its presence in the UK. It also intends to roll out its down jackets to the UK market through the new stores.
Greenwoods Menswear, which operates 88 shops across the UK, saw its after tax loss widen to GBP2.8m (US$4.5m) for the year ending 31 March, from a loss of GBP785,000 a year earlier. Turnover fell to GBP24.4m, down 5.8% on the previous year's GBP23m.
In early 2009, Greenwoods Menswear was acquired by Harvest Fancy Hong Kong after briefly falling into administration. At the time Harvest Fancy was described as a unit of Bosideng, but the company now tells just-style Harvest Fancy has never been a subsidiary of Bosideng.
Bosideng already operates some 14,400 stores in China under brands including Bosideng, Snow Flying, Kangbo, Bengen, Bosideng Man, Jessie ladies' wear, Mogao casual wear and Bosideng Ricci ladies' wear.
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