China's Trinity Limited buys Cerruti
Chinese clothing retailer Trinity Limited said Wednesday it has agreed to buy the Cerruti luxury fashion and perfume brand for a maximum of 53 million euros (70 million dollars).
Trinity Limited said its purchase of Cerruti Holdings "fits in with the Group's strategy to own intellectual property rights or take on very long term licenses in high-end to luxury menswear brands with heritage."
Cerruti has been owned since 2006 by MatlinPatterson, a firm which specialises in turning around loss-making companies.
Hong Kong-listed Trinity Limited manages six high-to-luxury end international menswear brands, including Cerruti 1881, but mostly under long-term licenses.
It is a division of the Li & Fung Group, which generated 16 billion dollars in revenue last year.
Trinity Limited said in a statement that planned to exploit its operating and 381 store network in China to help turn around Cerruti.
It added that Cerruti's flagship Paris store would remain a critical element of building the brand's image.
© 2010 AFP