HK’s Esprit buys out JV partner for $500 mn in China push. Interesting article over at CNBC about Espirit.
I’m not an Espirit fan but it’s interesting nonetheless for anyone interested in Chinese fashion. Here is a portion from the article:
Esprit Holdings will buy the 51% stake it does not already own in a retail joint venture with China Resources Enterprise for HK$3.88 billion ($500 million) as the Hong Kong fashion retailer seeks to expand its reach into China.
HK fashion I’m not usually a fan of but in this case maybe.
The Chinese conglomerate’s stake sale, which will see it book a gain of HK$3.2 billion, is part of its plans to spin off non-core assets as it focuses on core businesses such as food processing and distribution, supermarkets and beer production.
The news sent Esprit’s shares sliding 3% and China Resources’ stock down 0.4% on Thursday after both stocks resumed trading following a half-day suspension.