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Richemont sells Chinese fashion brand

03/07/2017
Luxury group Richemont has announced it has completed the sale of Shanghai Tang, a Chinese fashion brand that it has owned since 2008.

The company has been purchased by Italian businessman Alessandro Bastagli, who owns clothes manufacturer A.Moda and textiles group Lineapiù.

Richemont did not disclose how much the deal was worth, but said the sale would have “no material impact” on its results for the year ending March 2018.

Shanghai Tang was established by David Tang in Hong Kong in 1994. It initially offered products inspired by traditional Chinese clothing, but has since expanded its customer base. Richemont acquired a controlling stake in the company in 1998, before taking 100% ownership in 2008. 

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