French clothing retail giant Beaumanoir Group has announced the sale of a majority stake in its China business to Beijing-based private equity firm SinoTech Investment Fund Management (Beijing) Co., Ltd., for an undisclosed amount.
Beaumanoir group founder and chairman of Roland Beaumanoir said, affected by the outbreak, the group decided to focus on the development of France this year on the domestic market, focus on the development from rival Vivarte group purchase of dress brand Naf Naf and La Halle, "in order to ensure that we in the Chinese market, so we decided to and with the strength of China's local clothing retailer to reach cooperation".
Why do you choose Zhongke accommodation?Roland Beaumanoir said in an interview, "The Beaumanoir Group mainly operates Cache Cache, a women's wear brand in China. Since 2005, Cache Cache has opened 550 stores in China, but these stores are mainly in third - and fourth-tier cities, with a low presence in second-tier cities."
"We have observed that C&C has become a significant player in the Chinese apparel retail market since acquiring the Chinese business of Dutch fast Fashion brand C&A in September 2020," Roland said.The epidemic has also changed the Chinese market a lot. We need to cooperate with a powerful industry player who has a deep understanding of China. We believe that Cache Cache can accelerate the omni-channel deployment and achieve better development with the help of Cache Cache."
Dutch fast fashion brand C&A has sold its China business to a Beijing-based private equity fund, according to a history report in the magazine
About Beaumanoir
Founded in 1985 by Roland Beaumanoir, the Beaumanoir Group specializes in the retail business of ready-to-wear clothing and currently owns fashion brands such as Bonobo, Breal, Cache-Cache, La Halle and Morgan.In 2019, the total revenue of the Group is 1.1 billion euros.
