Home / Knowledge / News / Apparel/Garments / I.T Limited enhancing influence in street wear fashion
I.T Limited enhancing influence in street wear fashion
02
Feb '11
I.T Limited, a well-established trendsetter in fashion retail market in the Greater China, is pleased to announce that the Group has reached agreements to acquire approximately 90.27% of the entire issued share capital of Japan's Nowhere Co., Ltd. (“Nowhere”) for an aggregate consideration of JPY230 million (approximately HKD21.84million).

I.T first acquired from Mr. Tomoaki Nagao 468 shares in Nowhere, representing 63.24% of Nowhere's issued capital, for JPY120 million. I.T then acquired 200 shares in Nowhere, representing 27.03% of Nowhere's issued capital, for JPY110 million in cash. These transactions were funded by the Group's internal internal cash, and the Group intends to fund Nowhere's operations with its internal resources and/or bank borrowings.

Upon the completion of the transaction, Nowhere will become a subsidiary of the Group and its results will be consolidated into the accounts of the Group.

Incorporated Japan in 1995, Nowhere operates a menswear, ladies' wear, kids' wear fashion and related accessories retail and wholesale businesses under various brand names, including “A Bathing Ape”, “Bape”, “baby milo”, “BAPE STA”, “URSUS BAPE”, and “Mr. BATHING APE”, in various countries and owns the relevant trademarks.

The brands owned by Nowhere are amongst the most popular and well-known street wear fashion brand names in Hong Kong, Japan and in various countries. In order to ensure a smooth transition and integration after the acquisition, Mr. Nagao, the designer icon behind the respective brands, has agreed to serve as Creative Director of Nowhere for an initial period of two years and will focus on product design, brand direction and image development.

Commenting on this acquisition, Mr. Sham Kar Wai, Chairman and Chief Executive Officer of I.T Limited, said: “We are delighted about this acquisition of Nowhere, which owns of some of the most sought-after brands in street wear fashion. We believe that this acquisition will broaden the brand portfolio of our Group and increase our market share in the street wear fashion in Greater China. It will also help position us better in tapping into the international market.”

“Through capital structure rationalisation and the implementation of stringent cost controls, workflow re-engineering, design and production cycle optimization to improve margin and production lead time, we are confident that we can restore Nowhere's a healthy balance sheet and positive cashflow. The Group will also strengthen Nowhere's global retail network by leveraging its solid brand name to capture a larger market share while creating better returns for shareholders and investors.”

I.T Limited is a well-established trend setter in the fashion retail market in the Greater China. Through its “multi-brand, multi-layer” business model, I.T offers a range of apparel and accessory products from hundreds of international brands, as well as in-house brands and licensed brands at varying price ranges, targeting different customer segments.

I.T Limited

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search