EXR Korea, a Korean sportswear firm, has acquired Jean-Charles de Castelbajac, a Paris-based fashion house, at a price of three million euros or US$ 4.1 million.
The French brand, which derived its name from name of French designer de Castelbajac, was instituted in 1978.
Castelbajac, a very good friend of pop artist Andy Warhol, was known for his distinctive designs which drew inspiration from pop art and cartoons.
The French designer was bestowed with the French Government's highest award, Legion of Honour, in 2002. The designer also became famous when he made T-shirts with US President Barack Obama's face printed on it and also a frog jacket which was sported by pop singer Lady Gaga.
Castelbajac was suffering financial crunch since May this year, as the Sixth Swedish National Pension Fund, the holding company of the brand, discontinued financing it.
The offer for acquisition was first placed by the French label to EXR Korea, which had taken over the label's trade name in Korea from Itochu Corp., a Japanese firm. Thus, EXR already had distribution rights for the brand in Japan as well as Korea.
Fibre2fashion News Desk - India
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