CHINA: Hembly increases stake in retailer Well Metro
Fashion group Hembly International has agreed to buy a further 25% stake in Well Metro for HKD20.8m (US$2.66m), meaning it would own 95% of the Chinese retailer's shares.
The companies entered into a Sale and Purchase Agreement through subsidiaries yesterday (26 June).
Well Metro, a distributor and retailer of apparel and footwear brands including Stonefly, Lotto, Sisley and Moschino, had a narrowed audited net loss of approximately HKD$0.5m before tax last year, having been established three years ago.
Hong Kong-listed Hembly said it was making the purchase, through a wholly-owned subsidiary, on the back of Well Metro's "expanding and extensive" distribution network in China, saying it has great potential for growth.
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Hong Kong based Hembly International Holdings, which is currently in the process of buying the Italian Sergio Tacchini sportswear brand, is close to completing the deal....
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