Kohlberg Kravis Roberts & Co’s KKR China Growth Fund has entered into a definitive agreement to invest USD60 million into China Outfitters Holdings Limited (China Outfitters), a leading menswear retailer in China. KKR was a cornerstone investor in China Outfitters’ Initial Public Offering.
China Outfitters is a leading and fast-growing menswear design, manufacturing and sales company in China. It offers a wide range of men’s casual wear under several well-known brands locally with foreign origin, including JEEP, Santa Barbara Polo & Racquet Club and London Fog. China Outfitters has built up an extensive sales network comprising more than 1,000 stores nationwide, delivering 34% and 81% revenue and net income CAGR over the past three years.
"We are very impressed by KKR’s global resources and China team’s strong track record in China," says Zhang Yongli, CEO of China Outfitters. "China Outfitters truly values KKR as a long-term partner to further grow our business as KKR will be able to provide China Outfitters with valuable advice and support on areas for operational improvement, capital markets access and strategic initiatives."
"KKR is investing in China Outfitters because of their high quality and dedicated management team with solid execution capabilities, strong performance and long-term vision for the future," says David Liu, Member of KKR and CEO of KKR Greater China. "In addition, the menswear market in China has enormous growth potential. Market leaders such as China Outfitters have significant room to increase market share. We look forward to fully utilising our global resources and working with them to further grow the business."
