Economic review

Shangying Global to buy U.S. attire business

2017-12-06 13:34:00 (Beijing Time)         Global Times

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Chinese clothing company Shangying Global Co announced on Monday that it has agreed to purchase sports clothing assets in the U.S., through its subsidiary there.

Shangying Global said it would pay $8 million in a cash deal to purchase Active Sports Lifestyle USA LLC and ARS brands LLC from their parent companies - Tengram Capital Partners Gen2 Fund LP and Active RS Holdings Inc - according to a statement to the Shanghai Stock Exchange.

The deal will enhance the company's global expansion plan in the clothing and textile industries, the statement read.

Trading of Shangying Global shares in Shanghai were suspended on Tuesday because of the deal.