Etam Group, has agreed to sell its Chinese ready-to-wear (“RTW”) operations to a Hong Kong-based investor introduced by the founder and CEO of Jaoboo Fashion Group International, Mr. Jinguo Zhou. As a result of the transaction, Mr. Zhou, a leading retail expert in China, will take charge of Etam’s RTW activities in China with immediate effect. Financial terms were not disclosed.
Headquartered in Shanghai, Etam’s China RTW operation owns and operates four well-recognized womenswear brands and boasts a well-established, nationwide, omnichannel distribution network with 1,600 points of sales across 300 cities, and a presence on the leading Chinese e-commerce platforms.
Laurent Milchior, CEO of Etam Group, commented: “As we enter a new stage of development, we believe Mr. Zhou is ideally positioned to take Etam’s RTW business in China to the next level. With Mr. Zhou’s experience, Etam’s RTW brands can continue to grow and reach more customers across China.”
Jinguo Zhou, Founder and CEO of Jaoboo, added: “The Etam RTW brands are well known to consumers across China and I am excited to have reached an agreement with Etam Group to take the brands and business forward. With Etam’s strong customer base, its brand heritage and our expertise in China, I am confident we have a bright future ahead of us.”
Founded in 1916, the Etam Group is a leading global apparel company, headquartered in Paris, with 3,000 stores in 64 countries. The Group designs and distributes lingerie, beauty, women’s ready-to-wear and accessories. The Group is the leader in France and amongst the international leaders in lingerie with three brands; Etam, Undiz and Livy, as well as a RTW player with the Etam and 1.2.3 brands.