Bosideng wins right to sell Rocawear brand
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Bosideng International Holdings Ltd<3998>, China's leading down apparel seller, announced on Friday that it has obtained the sales rights to American casual wear brand Rocawear, and will set up over 300 Rocawear stores in China in the next three years.
Bosideng will establish a joint venture (JV) with Iconix China Limited to sell Rocawear brand products, and the company's subsidiary will invest HK$80 million. Bosideng will hold a 78% stake in the JV, while Iconix will hold the remaining 22%.
Bosideng said that the deal will introduce non-seasonal apparel and launch men's and women's Rocawear products this year and will establish about over 300 free-standing Rocawear stores and shop-in-shop outlets in Greater China within the next three years.
The establishment of the JV represents a major milestone in the company's development, said Gao Dekang, chairman and CEO of Bosideng, adding that it is a good opportunity to improve the company's profitability by enhancing its brand portfolio and product mix.
The company hopes to increase the non-seasonal apparel business to 30% from 1% by acquiring domestic and overseas brands. This is the second acquisition Bosideng has made this month.
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