Looking to expand its sourcing clout, Luen Thai Holdings Ltd. has acquired Ocean Sky Global (S) Pte. Ltd. for $55 million in cash.
The Ocean Sky Group is a global one-stop specialty manufacturer with supply chain management capabilities, and targets customers globally through production sites in Cambodia and Vietnam, and sourcing operations in Singapore and Hong Kong, Luen Thai noted. With a portfolio of clients that includes well-known international apparel companies, Ocean Sky Group had annual sales of $254 million last year, with a production of about 60 million garments and over 8,400 employees. The current management team of the Ocean Sky Group will be kept in place.
Luen Thai said its board believes that, through the acquisition, it can diversify its production bases outside China in countries with relatively low labor costs, expand its customer base and increase its competitiveness. In 2012, Luen Thai had revenue of $990 million, with a production of about 90 million units of apparel and accessories, more than 33,000 employees worldwide and main production bases in China, the Philippines and Indonesia.
“The addition of OSG is a further realization of our China Plus ASEAN strategy in operation,” said Henry Tan, chief executive officer of Luen Thai.
Tan was referring to a strategy of companies with major sourcing in China that have sought out other countries for alternative sourcing as that country’s labor costs have risen and as it aims to shrink exports in favor of production for domestic consumption. The Association of Southeast Asian Nations consist of Brunei Darussalam, Burma/Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
“With the industry undergoing consolidation, Luen Thai…will continue to look for acquisition targets such as OSG that will maximize growth and returns to shareholders,” Tan added.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion