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.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast