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Alun John

Hong Kong fashion brand Shanghai Tang has been sold to an Italian entrepreneur in cooperation with a Hong Kong private equity firm.
Italian fashion entrepreneur, Alessandro Bastagli and Hong Kong-based consumer-focused private equity fund Cassia Investments acquired the company from its owners the Richemont Group on June 30, according to announcements made by both parties on Monday.
Shanghai Tang was founded by Hong Kong businessman David Tang in 1994. It rose to fame after its signature form-fitting qipaos were worn by Maggie Cheung in Wong Kar-Wai’s classis movie In the Mood for Love.
Swiss luxury group Richemont took a controlling stake in 1998, and acquired full ownership in 2008.
The brand’s new owners said in a statement that they were hoping to expand into new markets in Asia, Europe, Middle East and North America.
Shanghai Tang has 32 boutiques, primarily in Asia, but also has a presence in London and Miami.
Bastagli is owner of Italian fashion producer A Moda and textile maker Lineapiù, which he has led since 2010, according to the firm’s website.
The Richemont group saw its operating profit fall by 14 per cent for the 12 months to March 31 this year. In its annual statement the group said that it had seen sales declines in Hong Kong.
“The disposal of Shanghai Tang is a logical step,” Rene Weber, an analyst at Vontobel, said in a note according to Bloomberg. “The brand was neither material in terms of sales nor of profit.”
Neither Richemont nor Cassia Investments disclosed how much the deal was worth.


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Mergers & Acquisitions

Fashion retailer Shanghai Tang sold to Italian entrepreneur

The Shanghai Tang Mansion in Central, Hong Kong. Photo: Dickson Lee

Clothes real Hongkongers wear: eclectic Armele Barbier, of Shanghai Tang

Photos by Amanda Kho

Barbier wears second-generation Shanghai Tang sunglasses and a Nike top.

Her 20-year-old collection of wooden and porcelain Chinese figurines.

Nike trainers from Shanghai.

A Shanghai Tang shirt designed by Barbier and waistcoat and trousers from a Moustache suit.

A Panerai left-handed 44mm titanium watch and a vegetable-dyed cardholder from Venice.

Shoes from Lino Leluzzi, owner of Al Bazar in Milan.

Creative Director of Shanghai Tang Joanne Ooi

Desert chic for Shanghai Tang

Five top accessories, from Shanghai Tang retro shades to Nomos sundial pendants

Globe-Trotter x Alexander McQueen’s 13-inch mini utility case (HK$13,000), and 21-inch trolley case (HK$26,000), Lane Crawford, IFC Mall, Central.

This handout image shows NOMOS sundial. [31JULY2016 GEAR POST MAGAZINE]

This handout image shows Future Classics 08 reversible sweatshirt in grey inside front – HKD880. [31JULY2016 GEAR POST MAGAZINE]

This handout image shows New Balance x J.Crew shoes HK$1,750.jpg [31JULY2016 GEAR POST MAGAZINE]

Former Shanghai Tang designer uses Spanish influences for his label

Business

Companies

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Hong Kong

Sir David Tang’s fashion house, which caught the buzz after its form-fitting qipaos were featured in Wong Kar-Wai’s movie In the Mood for Love, has been sold to an Italian entrepreneur.


Fashion in Hong Kong and China

David Tang