Cassia Investments, a Hong Kong-based consumer-focused private equity firm, has partnered with Italian fashion entrepreneur Alessandro Bastagli to acquire luxury brand Shanghai Tang from Swiss luxury group Compagnie Financiere Richemont, the firm announced today.
No Financial details were disclosed. Richemont acquired full control of the brand in 2008 for an undisclosed amount.
Started as a bespoke tailoring atelier in 1994, Shanghai Tang currently operates 32 boutiques in Asia, with most of the stores located in China.
"Shanghai Tang is a truly unique brand. We are excited to work closely with the new management and creative teams to continue building on Shanghai Tang's heritage as the leading luxury Chinese brand with global recognition," Cassia Investments said in an announcement.
Shanghai Tang is a contemporary luxury bra...
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