Richemont: sells Shanghai Tang brand to Italian businessman.
(CercleFinance.com) - Swiss luxury group Richemont has sold the Chinese luxury apparel brand Shanghai Tang to Italian businessman Alessandro Bastagli.
A Tuscany based entrepreneur, Bastagli - jointly with the Hong Kong private equity fund Cassia Investments and with a British investment fund - has acquired control of the business.
Richemont acquired a controlling stake of Shanghai Tang in 1998, and proceeded to purchase the all of the company's capital in 2008.
Founded in Hong Kong in 1994 as a small apparel fashion atelier, Shanghai Tang now operates 32 exclusive boutiques in the world.
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A Tuscany based entrepreneur, Bastagli - jointly with the Hong Kong private equity fund Cassia Investments and with a British investment fund - has acquired control of the business.
Richemont acquired a controlling stake of Shanghai Tang in 1998, and proceeded to purchase the all of the company's capital in 2008.
Founded in Hong Kong in 1994 as a small apparel fashion atelier, Shanghai Tang now operates 32 exclusive boutiques in the world.
Copyright (c) 2017 CercleFinance.com. All rights reserved.