Jeantex Group to acquire Yves Castaldi Corp

23 Dec '05

3 min read

Designer, manufacturer and marketer of consumer product for apparel, Jeantex Group Inc announced that it has signed an agreement to acquire the majority ownership of Yves Castaldi Corporation.

The Company will acquire 51 percent ownership of Yves Castaldi Corp for 10 million shares of Jeantex restricted common stock and $650,000 in cash, which includes provisions for Yves Castaldi Corp.'s working capital. The 10 million shares will be vested on a pro-rated basis, based on a minimum of $10.0 million in revenues and $2.5-$3.0 million in net profit generated by Yves Castaldi Corp. in the next twelve months.

Based in California, Yves Castaldi Corp designs and markets high-end apparel under the 'Just Yves,' 'I Generation' and 'Instinct Yves' brands. The Company's founder, Yves Castaldi, is best known as having spent several decades as a stylist and collections designer for major European and American brands, including Diesel, Levi's Europe, and Buffalo.

Castaldi currently designs the premium denim collection in Europe for People of the World. He will continue with the company as lead designer for Just Yves, I Generation, Instinct Yves, and other fashion labels. Yves Castaldi's fashion labels can be found in upscale department stores and boutique stores in the U.S. and Europe.

'Just Yves' is a women's luxury fashion brand with a collection of pants, jackets, shirts, skirts, dresses, vests and tops. 'I Generation' is a premium denim brand for both men and women. Its product offering includes denim pants, shirts, jackets, T-shirts, and handbags.

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