Forbes 18 June 2013
Zhejiang Semir Garment, the Chinese youth apparel chain controlled by billionaire Qiu Guanghe, plans to acquire a domestic men’s fashion chain in order to expand its product line.
Semir will pay up to between 1.98 billion yuan, or $325 million, and 2.26 billion yuan for 71% of Ningbo Zhongzhe Mushang, which specializes in mid-to upper-end men’s leisurewear, according to a prelimary plan announced today. The Ningbo retailer has more than 1,200 stores around China.
Semir’s shares, which trade at the Shenzhen Stock Exchange, have been suspended since May 30 pending an acquisition announcement. They have lost about 14% in the past year, and will resume trade today.
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Chinese Billionaire Qiu Guanghe’s Retailer Semir To Buy Menswear Brand
