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Xin Ma Apparel to buy stakes of Shao in Youngor Group
08
Nov '11
Xin Ma Apparel International, a wholly-owned subsidiary of Youngor Group, plans to buy Shao International Limited's 25 percent stakes in 14 companies belonging to Youngor Group for 754 million yuan.

While, one of the companies is based in Chongqing, the rest 13 companies are situated in Ningbo.

Ningbo Youngor Apparel posted a net profit of 256 million yuan in 2010, the highest earning among the 12 of the 14 companies that recorded profits during the year.

The two companies that showed loss were Youngor Knitting Apparels, which made a loss of 1.94 million yuan, and Ningbo Youngor Knitting and Underwear, which made a loss of 262,400 yuan.

The combined net profit of the 14 companies stood at 927 million yuan in 2010, and it was 723 million yuan during January-September period of 2011.

The acquisitions will help Youngor Group to further boost its apparel business and to increase its total profits.

Xin Ma Apparel International was acquired by Youngor Group in 2007 from the US-based Kellwood Co.

Fibre2fashion News Desk - China

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