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China's Lunar Capital buys fashion label Shanghai Tang
22 Dec '18
1 min read
Courtesy: Shanghai Tang
Chinese investment fund Lunar Capital recently announced acquiring luxury fashion label Shanghai Tang. The new owner specialises in growing mid-sized Chinese firms, already holding a range of clothing brands. Shanghai Tang just opened a flagship store on Chinese e-commerce company JD’s luxury platform TopLife, the brand’s first domestic online retail space.
Shanghai Tang’s creative director Massimiliano Giornetti will resign after the takeover, according to Chinese media reports.
The development reportedly followed disagreements among its buyers a year after its acquisition by Italian clothing firm A. Moda, Alessandro Bastagli, and Hong Kong-based private equity firm Cassia Investments.
The brand was purchased last year from Swiss luxury goods firm Richemont Group, one of the brand’s original investors and owners since 2008.
Shanghai Tang estimated sales was worth $45.57 million this year. (DS)
Shanghai Tang’s creative director Massimiliano Giornetti will resign after the takeover, according to Chinese media reports.
The development reportedly followed disagreements among its buyers a year after its acquisition by Italian clothing firm A. Moda, Alessandro Bastagli, and Hong Kong-based private equity firm Cassia Investments.
The brand was purchased last year from Swiss luxury goods firm Richemont Group, one of the brand’s original investors and owners since 2008.
Shanghai Tang estimated sales was worth $45.57 million this year. (DS)
Fibre2Fashion News Desk – India
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