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 brand featuring traditional Chinese design elements such as the body-hugging one-piece women dress called Qipao. Its range of men's and women's clothing, accessories, and home decorations fuses iconic elements of Chinese culture with chic sophisticated fashion.
Cassia Investments also said that it plans to invest in the continued growth of the brand, particularly through expansion into new markets in Asia, Europe, Middle East and North America.
The firm is led by managing director Faris Ayoub, who worked at JPMorgan for ten years including six years in the proprietary investments team.
It targets small and medium enterprises in the consumer sector in Asia with proven business models, established market positions and significant growth potential. It previously invested in Chinese oatmeal products maker Seamild and training gym network Ultimate Performance.