Mid-range children's apparel maker and retailer Petit Boy, which was acquired by Lyon-based textile importer Asiatex in March 2006 when in administration, has been sold to unidentified buyers.
 
"The company has been sold to "textile professionals backed by a financial group," an Asiatex spokesman told just-style.

He added that the buyers did not wish to be named at this stage nor divulge their plans for Petit Boy but that Asiatex has every confidence in the project.
 
The restructuring of Petit Boy over the past 20 months has seen its chain of stores reduced from 90 to 68. It returned to the black in 2007 with a net profit of EUR1m (US$1.47m) from a turnover of EUR12.6m    
 
During the restructuring period, Asiatex had tried unsuccessfully to acquire another clothing chain of around 60 stores, in addition to those of Petit Boy, with the aim of increasing volumes and lowering purchasing costs. "The search proved fruitless and we decided to sell Petit Boy."

By Stuart Todd.