BEIJING — French clothing group Etam Group has agreed to sell its Chinese ready-to-wear operations to a Hong Kong-based investor, Jinguo Zhou, with immediate effect, an announcement Sunday said.
Financial terms of the deal were not disclosed.
The statement called Zhou, who is the chief executive officer of Jaoboo Fashion Group International, an experienced industry expert.
Laurent Milchior, chief executive officer of Etam Group, said: “As we enter a new stage of development, we believe Mr. Zhou is ideally positioned to take Etam’s ready-to-wear business in China to the next level. With Mr. Zhou’s experience, Etam’s ready-to-wear brands can continue to grow and reach more customers across China.”
Zhou added: “With Etam’s strong customer base, its brand heritage and our expertise in China, I am confident we have a bright future ahead of us.”
Headquartered in Shanghai, Etam’s China rtw operations include four women’s wear brands with 1,600 points of sales across 300 cities, in addition to an online presence on leading Chinese platforms.
BDA Partners served as the sole financial adviser to Etam Group on the transaction, while law firm Sidley Austin served as its legal adviser.