China’s largest apparel group has announcedthe acquisition of Yorkshire-based menswear label Greenwoods. Bosideng International Holdings has agreed to buy 96 percent of the issued share capital of the menswear business which sells brands of Greenwoods and 1860 in the UK.
As reported by trade media Wednesday, the deal will be sealed at 40 million yuan (circa 4 million pounds) and will help Bosideng to strengthen its position in the UK.
Fastspeed Investments – current owner of Greenwoods’ parent group - will sell the entire share capital of Pacific Trend Investment to Bosideng International Holdings’ subsidiary Bosideng International Fashion.
This is the second time the apparel group changes hands in less than four years, when it fell into administration. In early 2009, also Chinese Harvest Fancy Hong Kong rescued Greenwoods Menswear from its administrators.