HUF Holdings will sell 90 per cent of the HUF brand to Japanese apparel group TSI Holdings for $63 million by mid-December. The latter, which also distributes the Stüssy brand under its subsidiary Jack, plans to apply a model similar to that it used for Stüssy and expects to significantly increase the HUF brand’s annual revenue in Japan within five years.
US brand HUF, founded by skateboarder Keith Hufnagel in 1992, currently has three retail stores in Japan that annually generate 400 million yen.
In 2014, HUF received a significant investment from Altamont Capital, which declined to comment on the sale of HUF, according to an American news portal.
TSI would like to expand HUF in China as well, said TSI Holdings president Tadashi Saito. TSI is reportedly chasing a joint venture with a leading Chinese apparel firm and plans to nearly double the brand's overseas sales from 5.1 billion yen to 10 billion in the next five years. (DS)
Fibre2Fashion News Desk – India