이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
E-Land sells Chinese operation of Teenie Weenie to V-Grass of China
- Collected
- 2016.09.02
- Distributed
- 2016.09.05
- Source
- Go Direct
According to the investment banking industry, E-Land Group signed the final contract on the sale with V-Grass at about 1 trillion won on Friday. The group sold Teenie Weenie’s trademark, business rights, design and sales organization in China. The deal excluded the brand’s operations in Korea, Hong Kong and Taiwan. Ten bidders participated in the preliminary bid in June and the group and the sale adviser China International Capital Corporation (CICC) shortlisted five preliminary contenders.
Chinese operation of Teenie Weenie recorded 446.2 billion won in sales last year through its 1,200 outlets in department stores and shopping malls across the country. The brand tops sales in department stores or large shopping malls in the country. Its net profit came to 90.3 billion won last year and average operating profit margin reached 34 percent.
Established in 2003, V-Grass has been rapidly growing in the Chinese women apparel market. The company is listed on the Shanghai Stock Exchange with its headquarters located in Nanjing. It has 400 stores across China, Macao and Hong Kong.
By Kang Doo-soon and Cho Sung-ho
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]