Chinese menswear company Fujian Septwolves has agreed to buy distribution rights for German fashion designer Karl Lagerfeld’s brand for Rmb320m ($48m), as Chinese clothing brands attempt to upgrade their image and target more affluent consumers.
The company based in eastern China’s Fujian province will acquire an 80 per cent stake in Karl Lagerfeld Greater China Holdings (KLGCK), the owner of permanent rights to distribute the designer’s brand in mainland China, Hong Kong and Taiwan.
As part of the deal, Septwolves will inject about $12m dollars into KLGCK’s Shanghai unit which operates the stores.
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