Jason Wu acquired by Chinese firm Green Harbor
As the New York-based womenswear brand seeks to up its game in the fast-growing Chinese luxury market, it has been revealed that Jason Wu has been acquired by Shenzhen-based private equity fund Green Harbor.
Green Harbor announced its acquisition of a majority stake in JWU (Jason Wu’s parent company) on its WeChat account but did not provide any further details about the specific figures involved in the transaction.
With offices in Beijing and Hong Kong, Green Harbor’s investments are primarily focused on healthcare, education and financial services, as well as the consumer and retail sector. Jason Wu is the firm’s first foray into fashion and also its first time backing a US-based company.
The firm is acquiring its stake from InterLuxe, which, having owned JWU since 2014, is now exiting the company.
In its post on WeChat, Green Harbor explained that the Jason Wu brand will be able to rely on both the firm’s strategic resources and operational experience as it expands in the Chinese market.
Taiwanese-Canadian designer Jason Wu, who trained under Narciso Rodriguez and served as womenswear artistic director at Hugo Boss from 2013 to 2018, founded his namesake label in 2007.
The brand, which counts former US first lady Michelle Obama, German-born actress Diane Kruger and American socialite Nicole Richie among its fans, signed a deal with Zhejiang Semir Garment Co. last year, which saw the Chinese firm acquire an 11% stake in the label.
Since then, reports had been circulating about the brand scoping out other potential Asian partners.
For its part, Green Harbor joins a growing list of Chinese investment firms – such as Fosun and Shandong Ruyi –backing Western luxury fashion brands, including Carven, Lanvin and SMCP.
Copyright © 2020 FashionNetwork.com All rights reserved.