For immediate release
MAJOR CHINESE INWARD INVESTMENT
Hanson Partners Ltd. and Bosideng International Ltd. are pleased to announce that at a meeting on Wednesday, 24th September, agreement was reached for a 50% stake in the Hanson Partners’ subsidiary company Greenwoods Menswear Ltd to be purchased by Bosideng International Ltd. This transaction would take place on or before 6th April, 2009.
Five Year 100 Store Expansion
Bosideng International also agreed with Hanson Partners, that over a five year period Bosideng International would invest sufficient funds in Greenwoods Menswear to cover the opening of 100 new Bosideng shops in the UK. The new stores are planned to open predominantly in the south, with the first 20 stores opening by August 2009.
600 New Jobs
The total capital expenditure on refurbishment for 100 shops would amount to a figure in excess of £25million, would include the employment of 600 new members of staff and would have a rent roll of circa. £4 million per annum.
The Bosideng Chairman, Mr. Gao Dekang, commented “Bosideng International has, for the last two years, wanted to expand its overseas sales. We have recently been awarded the status of ‘World Brand’ by the PRC and this expansion follows our strategy. We are delighted with the results and the efforts of Hanson Partners and believe that this co-operation with Hanson Partners’ subsidiary company, Greenwoods Menswear, will be extremely successful”.
Mr. John Hanson, Chairman of Hanson Partners commented “I have known the Gao family for over five years and believe that they are an outstanding partner to help our Group expansion. Their product quality is excellent, development of new product is coming on strongly and the calibre of their staff and commitment to this project are second to none.
“Finally, we would like to thank our local Labour MP, Linda Riordan, for her efforts in ensuring that this project went ahead”.
Notes to Editors
Bosideng currently have over 8,000 stores, with an aggregate market share of ￼39.9% of the down apparel market in China. Bosideng’s turnover is circa 26bn yuan (£2.2bn). The employer of approximately 19,000 staff raised £250m on the Hong Kong stock exchange for international expansion in 2007.
Issued on behalf of Hanson Partners Ltd by Hatch Communications
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John Hanson, Chairman
Richard Davies, Group Finance Director
Neil Roberts, Project Director
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