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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
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.
