Denim brand Evisu inks deal to buy out China franchise
Japanese denim brand Evisu has decided to take back control of its China business by buying out its Chinese business partner, New Elegant Trading.
The brand, recognised for its hand-painted seagull logos, has more than 150 stores worldwide, including China, Japan, Macau, Malaysia, Thailand and Singapore.
It has been on sale in China for over 16 years through a franchise partnership with New Elegant Trading and said it is an “ideal time” to take the business in-house. To acquire the interest, Evisu Group paid its Chinese partner around $40 million.
“The company made concerted efforts with its China joint venture partner over the past few years to establish brand awareness and secure a footing in China. We think this is an ideal time for the company to integrate its regional China business with headquarters to pursuit the brand’s global objectives in the coming years,” said company CEO and chairman David Pun.
The transaction comes at a time of expansion for the brand, which has decided to reopen in the US and Europe after closing all outlets in 2013 to reverse its fortunes.
Founded in Osaka Japan in 1991, the denim label has grown into a full lifestyle brand with a wide selection of product including jeans, tees, shirts, sweats, knits, underwear, eyewear and more.
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