×
74 023
Fashion Jobs
HOMEGOODS
Loss Prevention Customer Service Associate
Permanent · Plymouth
HOMEGOODS
Loss Prevention Detective
Permanent · Edina
TJ MAXX
Retail Store Cleaning Part Time
Permanent · Corvallis
HOMEGOODS
Loss Prevention Associate- Full Time
Permanent · Worcester
AMERICAN EAGLE OUTFITTERS
Specialist - Commercial Asset Protection - us
Permanent · ELIZABETH
MONCLER
Raw Material Purchasing
Permanent ·
MONCLER
HR Analyst
Permanent ·
ROSS
Store Protection Specialist
Permanent · Los Angeles
ROSS
Store Protection Specialist
Permanent · Villa Park
FOOT LOCKER
sr. Director Marketing, Foot Locker North America
Permanent · New York
JCPENNEY
Asset Protection Associate - Auburn Mall
Permanent · Auburn
JCPENNEY
Asset Protection Associate - South Hill Mall
Permanent · Puyallup
JCPENNEY
Asset Protection Associate - Wheaton Plaza
Permanent · Wheaton-Glenmont
JCPENNEY
Asset Protection Associate - Woodland Shopg Cntr
Permanent · Grand Rapids
JCPENNEY
Asset Protection Associate - The Empire Mall
Permanent · Sioux Falls
JCPENNEY
Sales Floor Supervisor - Woodland Hills Mall
Permanent · Tulsa
JCPENNEY
Asset Protection Associate - Oak Park Shopg Cntr
Permanent · Overland Park
JCPENNEY
Asset Protection Associate - Parkway Plaza
Permanent · El Cajon
JCPENNEY
Sales Floor Supervisor - Coronado Center
Permanent · Albuquerque
JCPENNEY
Asset Protection Associate - West County Ctr
Permanent · Des Peres
JCPENNEY
Asset Protection Associate - Wellington Green s/c
Permanent · Wellington
JCPENNEY
Asset Protection Associate - Mall of Victor Vly
Permanent · Victorville
By
Reuters
Published
Jul 3, 2017
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Richemont sells Shanghai Tang to Italian entrepreneur Bastagli

By
Reuters
Published
Jul 3, 2017

Swiss luxury company Richemont has sold Chinese fashion brand Shanghai Tang to a consortium of investors led by Italian businessman Alessandro Bastagli, the groups said on Monday.


Photo: Shanghai Tang - Shanghai Tang




Founded in 1994 by Hong Kong businessman David Tang as a high-end tailor, Shanghai Tang has 32 boutiques worldwide, selling Asian-inspired clothes for men and women as well as accessories and homeware.

Bastagli, in a statement, said he was working to "relaunch and consolidate Shanghai Tang ... focussing on international expansion," and plans to set up a creative and managerial team to do so.

He said he had acquired a controlling stake in Shanghai Tang with Hong-Kong based private equity firm Cassia Investments and a British investment fund, whose name was not disclosed.

He did not give details of the size of the stake or the purchase price.

Richemont, which makes watches under brands including Cartier, IWC and Piaget, and has been grappling with dwindling demand in its major markets, took a controlling stake in Shanghai Tang in 1998 and acquired full ownership 10 years later.

"The transaction will have no material impact on Richemont's balance sheet, cash flow or results for the year ending 31 March 2018," Richemont, which in May reported a 46 percent drop in annual net profit, said in a statement.

It said the deal was completed on June 30.

Florence-based Bastagli owns textile company Lineapiu Italia as well as three fashion brands, mostly focussed on sportswear.

© Thomson Reuters 2023 All rights reserved.