Summary: Chinese conglomerate and investment company Fosun International Limited intends to increase its stake in Germany's Tom Tailor Holding AG to more than 25 per cent, but below 30 per cent, it said in a press release.
Chinese conglomerate and investment company Fosun International Limited intends to increase its stake in Germany's Tom Tailor Holding AG to more than 25 per cent, but below 30 per cent, it said in a press release.To this end, Fosun has entered into an arrangement with a private seller, pursuant to which additional shares in the company, subject to all regulatory approvals, including antitrust approval in the relevant jurisdictions, will be purchased.Fosun's shareholding in Tom Tailor Group will be held directly and indirectly through its subsidiaries. Fosun sees the additional share purchase as a way to strengthen its position as a long-term strategic anchor investor in the company.“We see the Tom Tailor Group being on the right path. It is not only as an established player in the textile market, but is also continuing to grow sustainably. The company has a proven business model and a clear brand alignment. With the recently announced focus on its core business, management has taken the right measures,” said Wang Qunbin, President of Fosun. "We are convinced of the profitability of the company and the value of our commitment to the Tom Tailor Group.“This investment continues Fosun's investment model of "Combining China's growth momentum with global resources.” As a leading investment group taking roots in China with a global foothold, Fosun and the funds under its management are involved in a number of well-known brands in the consumer goods sector, including the renowned Greek retail group Folli Follie, the US upscale female apparel brand St. John, and the Italian premium menswear manufacturer Caruso.Currently, the brands in the consumer goods and consumption upgrade sector are an essential focus of investment for Fosun. (SH)