Paris, October 2 2018 (AFP) - According to a press release issued on Tuesday, Chinese group Semir has bought outright French childrenswear giant Kidiliz (owner among others of the Catimini and Absorba brands) with the objective of creating the second-largest conglomerate in the industry.

The press release indicated that the exclusive negotiations between the two groups, which began last May, “were finalised on October 1 2018, with the acquisition by Semir of a 100% stake in the Kidiliz Group.” The value of the transaction wasn’t disclosed.

The operation is expected to enable Kidiliz "to speed-up its expansion in China, as it will have at its disposal in the country the support, expertise and implementation skills (...) of its new shareholder,” stated the press release.

The Zannier group - rechristened Kidiliz in 2016 - has 15 brands in its portfolio, among them Catimini, Z, Absorba, Chipie and Lili Gaufrette, and is the European leader in premium fashion for children.

The group’s labels are sold via 11,000 stores worldwide, of which 830 are directly owned, and they sell 40 million items each year in 80 countries.

Last year, the Kidiliz group’s revenue was €427 million, of which more than half was generated outside France. The group has 3,500 employees worldwide, of whom nearly 2,000 are based in France.

As for the Zhejiang Semir Garment group, it is a leading Chinese childrenswear corporation, with a network of 8,000 monobrand stores, generating a revenue of €1.6 billion. The group has been listed on the Shenzhen stock exchange since 2011, and has a stock market capitalisation of €3.9 billion.

“Together, the two groups will give rise to the world’s number two in children’s fashion,” said the two partners, adding that “their organisations and development paths are complementary, with Semir concentrating on China and Asia, and Kidiliz on premium international childrenswear.”