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Evisu buys back Chinese business

Japanese premium denim brand Evisu has bought back the retailing and franchising rights for China for $40m (£32m).

Parent company Evisu Group has reinvested alongside private equity fund Cassia Investments to buy back the Chinese operation from New Elegant Trading (Shanghai) Co.

David Pun, chairman and CEO of Evisu Group, will remain the majority shareholder.

Pun said: “The company made concerted efforts with its China joint venture partner over the past few years to establish brand awareness and secure a footing in China. We think this is an ideal time for the company to integrate its regional China business with headquarters to pursue the brand’s global objectives in the coming years.”

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