Youyoung Industries, a South Korean shoe fabrics maker for sportswear brands, was recently acquired by VIG Partners, called Vogo Investment Group earlier, for $206 million through a special purpose vehicle jointly set up with Youyoung founder-CEO Jung Ho-tae. Jung will be the second largest shareholder in the new entity and will be part of the management.
Meanwhile, Kin Beom-joon, former head of Korean telecom carrier KT Corp, will be appointed as CEO of Youyoung, according to Korean media reports.Youyoung Industries, a South Korean shoe fabrics maker for sportswear brands, was recently acquired by VIG Partners, called Vogo Investment Group earlier, for $206 million through a special purpose vehicle jointly set up with Youyoung founder-CEO Jung Ho-tae. Jung will be the second largest shareholder in the new entity and will be part of the management. #
Founded in 1991, Youyoung supplies footwear fabrics to global brands, such as Nike, Adidas, New Balance, Under Armour and Puma. The company also partnered with Nike to develop an advanced outer fabric in 2015. (DS)
Fibre2Fashion News Desk – India
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