Obscene Jeans Corp announced that the company signed a Letter of Intent to purchase Beijing Beautyfresh International Trade Co. (Beautyfresh), a Chinese government-licensed importer/exporter.
OBJE is pursuing the potential purchase because Beautyfresh is one of a limited number of import/export entities authorized by the Chinese government to service and distribute foreign products there. Recently, OBJE and Beautyfresh have forged a close business relationship.
Earlier this month, the two companies formed a global strategic profit alliance making Beautyfresh the sole distributor of OBJE-branded products in China. On Wednesday, OBJE announced that Beautyfresh's successful line of luxury soaps and other beauty products made using all-natural imported plant oils will now be sold under the Obscene Beauty brand.
“Thanks to their valid Chinese import/export license, we are confident that a potential purchase of Beautyfresh would add tremendous value to our company,” said OBJE President and CEO Robert Federowicz. “We are moving aggressively to grow our business into a global luxury lifestyle brand, and the acquisition of Beautyfresh would give us the international reach and flexibility to begin accomplishing our goals.”
According to the Letter of Intent, OBJE's purchase of Beautyfresh is subject to the transfer of the company's Chinese import/export license to Obscene Jeans Corp. With OBJE's new line of denim fashions and beauty products being readied for markets around the world, Beautyfresh's government license to import and export personal-use goods would make the production and marketing of a wide variety of products possible in both China and other markets. Access to these markets is key to OBJE's plans for global brand expansion.
“We plan to soon grow our product lines to include casual apparel, organic fragrances, rejuvenating cosmetics and more,” Federowicz said. “We view the purchase of Beautyfresh as a crucial step towards the rapid expansion that we envision.”
The Letter of Intent gives OBJE 60 days to perform due diligence toward an option agreement with Beautyfresh.
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