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China's Biem.L.Fdlkk Rises on USD103.4 Million Deal for Cerruti 1881, Kent & Curwen

April 6, 2023 at 3:15:40 AM

Shares of Biem.L.Fdlkk Garment surged after the Chinese maker of golf apparel said it will indirectly acquire two international luxury brands Cerruti 1881 and Kent & Curwen for a total of EUR95 million (USD103.4 million).

The stock price of the Chinese designer of competition clothing for the national golf team in the Tokyo 2020 Summer Olympics [SHE: 002832] rose 6.2 percent to CNY33.98 (USD4.90) as of 3.08 p.m.

An industrial investment fund of Biem.L.Fdlkk Garment recently acquired the global trademark rights of Cerruti 1881, a Parisian fashion house with Italian roots, for EUR57 million through Hong Kong Carritt, the Guangzhou-based firm said in a statement yesterday.

Moreover, the company purchased all equity of Singapore-based LiFung Trinity Management through Hong Kong Plentiful Shiny for EUR38 million. LiFung holds the global trademark of Kent&Curwen, a British brand of heritage sporting style menswear. The buyer added that the parties are going through the settlement procedure.

Founded in 2003, Biem.L.Fdlkk is a leading golf clothing retailer in China. It earned CNY573 million (USD83.3 million) in net profit in the first three quarters of 2022, up by 25 percent from a year earlier, while its revenue climbed by 13 percent to CNY2.2 billion (USD319.7 million).

- Yicai Global -

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