Quick Take: Chinese Sportswear Maker to Buy Greater China Rights to Prince Sports
Chinese sportswear maker Guirenniao Co. Ltd. plans to acquire part of the trademark rights of U.S.-based Prince Global Sports LLC for $20 million.
The deal will give Guirenniao the rights to Prince trademark assets, including its websites and social media, the rights to develop and sell Prince-branded products in Greater China, including in Hong Kong, Macau and Taiwan, as wells as in South Korea.
Prince is a famous manufacturer of tennis rackets, footwear and apparel. However, the private company has undergone financial challenges and filed for bankruptcy protection in 2012.
The deal can help the Chinese buyer diversify its brands and markets, the company said in a filing to the Shanghai Stock Exchange on Saturday.
Guirenniao, which is popular in smaller cities in China, said it will make use of Prince’s assets and will target high-end consumers in first- and second-tier cities.
Trading on the Shanghai Stock Exchange, where Guirenniao lists, is closed during the week-long national holiday between Oct. 1 and Oct. 8.
Contact reporter Coco Feng (firstname.lastname@example.org)
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