China's Biem.L.Fdlkk Garment is the new owner of Cerruti 1881 and Kent & Curwen
Cerruti 1881 and the UK’s Kent & Curwen finally have a new owner with both brands staying in Chinese hands. They’ve been bought by Biem.L.Fdlkk Garment Co, which is based in Guangzhou and is known for its China-focused golf-wear business and other upscale casualwear.
It has acquired the global trademarks of the two brands for a combined equivalent of €95 million (or £83 million). It paid more for Cerruti at €57 million, with Kent & Curwen costing €38 million.
The new owner is a 20-year-old business with a wide distribution network in shopping malls and airports and the two brands should boost its growth plans at the high end of the market.
The brands had been part of the portfolio of Trinity Ltd since 2010, along with venerable tailor Gieves & Hawkes that was snapped up by Frasers Group late last autumn.
Trinity ran into problems as part of the wider issues faced by its troubled Chinese owner Shandong Ruyi and the businesses it operated had suffered from the parent company’s debt issues and cost-cutting drive.
France-based Cerruti 1881 was founded in the 1960s by Italian Nino Cerruti with the 1881 part of the name coming from the year his grandfather founded the family woollen mill in Italy.
Kent & Curwen dates back to 1926 and was originally known for such traditional items as university ties and cricket sweaters.
It seemed to have a new lease of life from 2015 to 2019 when it partnered with David Beckham to widen its appeal to a younger consumer. However, Beckham exited in 2020.
Gieves, Cerruti and Kent & Curwen all faced a winding up orders in a Hong Kong Court in late 2021 due to Trinity defaulting on a loan and Trinity went into liquidation a little over year ago.
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