Japanese denim brand EVISU has agreed a buy-back deal for its retailing and franchising rights in China.
Parent company EVISU Group Limited is reinvesting, alongside private equity fund Cassia Investment, to buy back New Elegant Trading’s interest in their China joint venture, which is financially supported by IDG Capital.
The acquisition consideration is USD40 million. David Pun, chairman and CEO of EVISU Group Limited, will remain the majority shareholder.
Pun says: "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."
In the meantime, EVISU is seeking business expansion globally by forging distribution partnerships for the US and Europe markets. The brand will step up product extensions like EVISUKURO, the latest athleisure collection, and maintain product exclusivity through focused management of wholesale distributors.
