ITALY: Chinese retail group buys Krizia fashion brand
Chinese fashion retailer Shenzhen Marisfrolg has bought Italian ready-to-wear company Krizia SpA, in a deal that will see it expand the brand across Asia.
Shenzhen Marisfrolg is controlled by Chinese entrepreneur Zhu ChongYun, who will become chairman of the board and creative director of the Milan-based fashion house. Her first collection is due to show in Milan in February 2015, the company said.
Also on the agenda are plans to open Krizia stores in Beijing, Shanghai, Guangzhou, Shenzhen and Chengdu over the next five years, and gradually reopen flagship stores in Europe, Japan and the US.
The deal is due to close by late spring the companies said, without giving any financial details.
Shenzhen Marisfrolg specialises in high-end women's fashion brands Marisfrolg and Masfer.SU and operates more than 400 shops in China, South Korea, Singapore and Macau. Listed among China's top 100 fashion companies, it recorded a turnover of CNY2.56bn (US$419m) in 2013.
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