Richemont, the Swiss luxury goods group, announces that it has completed the sale of its wholly-owned subsidiary, Shanghai Tang, on 30 June 2017 to an entity controlled by Alessandro Bastagli, an Italian entrepreneur. The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2018.
Established in 1994 in Hong Kong by David Tang, Shanghai Tang was the first contemporary luxury brand from China. Its modern and sophisticated range of men’s and women’s clothing, accessories and home decorations combine the style and heritage of the orient with western design influences. Richemont took a controlling stake in 1998 and acquired 100 per cent ownership in 2008.Richemont, the Swiss luxury goods group, announces that it has completed the sale of its wholly-owned subsidiary, Shanghai Tang, on 30 June 2017 to an entity controlled by Alessandro Bastagli, an Italian entrepreneur. The transaction will have no material impact on Richemont's balance sheet, cash flow or results for the year ending 31 March 2018.#
Richemont owns a portfolio of leading international brands or ‘Maisons’ which are managed independently of one another, recognising their individuality and uniqueness. In addition, Richemont holds a 49 per cent equity-accounted interest in the YOOX Net-A-Porter Group, a publicly traded company. (SV)
ALCHEMPro News Desk – India
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