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Chinese young fashion brand set for float

Chinese-based Fairy Fox plans to raise £13m by floating on AIM to fund expansion plans, according to The Sunday Times.

The newspaper said that if successful the listing on AIM would value the Chinese clothing brand at about £60m.

Fairy Fox, which is based in Xiamen and is currently sold through third-party distributors that operate more than 850 Fairy Fox-branded stores, will use the proceeds from the share offering to roll out more stores and a second factory.

The company reported sales of £51m and profits of £12m last year.

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