The Singapore subsidiary of Australian-listed knitwear supplier GLG Corp Ltd is to sell its Vietnam garment manufacturing factory to Chinese apparel maker Dragon Crowd Garment.
Dragon Crowd Garment, a manufacturer of young men’s and women’s lifestyle apparel, will acquire all outstanding shares of G&G Fashion (Vietnam) from Ghim Li Global using a combination of US$1.32m in cash and loan facilities.
One the sale is complete, G&G Fashion will remain as a supplier to GLG Corp under an outsourcing agreement.
GLG Corp supplies casual lifestyle knitwear to major US and European retailers. The company supplies about 62m garments a year through its global marketing and manufacturing network, and offers a total solution including in-house product design and development, material management, production planning and control, and post-manufacturing logistics.
GLG Corp founder and CEO, Estina Ang, says the company has planned customer orders for G&G Fashion until October 2019.
“Despite this change in ownership, the management and factory operations team will remain the same and the group will continue to partner with the buyer [Dragon Crowd Garment] and G&G Fashion through outsourcing agreement as part of our global network of factories,” she says.
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By GlobalDataIncorporated in 2016, G&G Fashion operates a garment factory on four-hectares of land within the Binh Son Industrial Park in Ho Chi Minh City. The factory has a capacity of 30 production lines capable of manufacturing up to 1m units per month.
