KKR keen on youth market
By Ding Yining |
August 22, 2012, Wednesday
|
Print Edition
Print Edition
INVESTMENT firm Kohlberg Kravis Robers & Co LP has injected US$30 million in fashion apparel retailer Novo Holdco Ltd due to the rising potential of the youth apparel market.
"We see enormous long-term growth potential in the Chinese fashion retail industry, driven by domestic consumption and an increasing demand for the latest fashion brands," said David Liu, a partner of KKR and CEO of KKR China, yesterday.
KKR didn't reveal the stake it has taken in Novo which plans to use the capital to grow its presence and further develop its brand.
Novo, which started in 2004, sells its self-branded apparel and accessories in 11 shopping malls in major domestic cities. It also operates 80 franchised retail stores for international fashion brands such as Levis or LeSportsac.
China's retail sales rose 14.4 percent to 9.82 trillion yuan (US$1.54 trillion) in the first six months, according to the National Bureau of Statistics.
"We see enormous long-term growth potential in the Chinese fashion retail industry, driven by domestic consumption and an increasing demand for the latest fashion brands," said David Liu, a partner of KKR and CEO of KKR China, yesterday.
KKR didn't reveal the stake it has taken in Novo which plans to use the capital to grow its presence and further develop its brand.
Novo, which started in 2004, sells its self-branded apparel and accessories in 11 shopping malls in major domestic cities. It also operates 80 franchised retail stores for international fashion brands such as Levis or LeSportsac.
China's retail sales rose 14.4 percent to 9.82 trillion yuan (US$1.54 trillion) in the first six months, according to the National Bureau of Statistics.
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