Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
U.S. to Extend Huawei Reprieve by Allowing It to Continue Trade With U.S. Clients: Report
New Zealand Telecom Picks Nokia, Leaves Door Open for Huawei
JD.com Sues Intellectual Property Authority Over ‘Double 11’ Trademark Verdict
LATEST
Ant May Join Race for Singapore Virtual Bank Licenses
Didi Chuxing to Test Robo-Taxi Service in Shanghai, CNBC Reports
Xiaomi Appoints Controversial Chief Voice Scientist
China Sets Up Massive New Fund to Transform Manufacturing
Even 5G Can’t Reverse China Smartphone Slump
Microsoft Rival Kingsoft Office Raises $640 Million in Shanghai Star IPO
Regulators Name and Shame Banks Violating Loan Rules
Bilibili, Qudian Post Strong Growth but Get Cold Shoulder From Investors
U.S. Extends Limited Huawei Licenses for a Further 90 Days
New Zealand Telecom Picks Nokia, Leaves Door Open for Huawei
NetEase to Hire Industry Veterans for First Overseas Game Studio: Report
China’s Shared-Bike Services Keep Getting More Expensive
China Home to One-Third of World’s Best Unicorn Investors, Hurun Report Says
Police Crack Down on Big Data Companies Serving Illegal Loan Sharks
JD.com Sues Intellectual Property Authority Over ‘Double 11’ Trademark Verdict
U.S. to Extend Huawei Reprieve by Allowing It to Continue Trade With U.S. Clients: Report
China High-Tech Seeks New Opportunities in Southeast Asia
Alibaba Cancels Investor Event in Hong Kong Amid Protests
Burberry to Work With Tencent to Open Social Retail Store in Shenzhen
JD.com Beats Estimates With 28% Revenue Growth in 3rd Quarter

By Zhang Erchi and Tang Ziyi / Feb 20, 2019 02:44 PM / Business & Tech

Fosun International branding is projected on a curtain during a news conference in Hong Kong. Photo: VCG

Fosun International branding is projected on a curtain during a news conference in Hong Kong. Photo: VCG

Chinese conglomerate Fosun International has launched a bid to take over struggling German clothing retailer Tom Tailor.

Fosun announced in a stock exchange filing on Tuesday that it will pay 8.6 million euros ($9.7 million) to lift its existing shareholding in Tom Tailor from 28.89% to 35.35% by buying new shares at 2.26 euros each.

Under German law, the buyers seeking a stake in a company higher than 30% are obligated to make a takeover offer for the shares of all other shareholders. Fosun offered a price of 2.26 euros per share to purchase all the other shares of Tom Tailor in cash. The deal hasn’t been finalized.

The bid for Tom Tailor comes after Fosun took control of French label Lanvin and Austrian lingerie maker Wolford last year.

Founded in 1962, Hamburg-based Tom Tailor mainly sells mid-priced casual wear in Europe. Its sales fell 3.2% year-on-year to 214 million euros in the third quarter last year, which the company blamed on a drop in clothing consumption in Germany.

Fosun started as a pharmaceutical company in 1994 but has evolved into a global investment conglomerate with assets spanning the financial, real estate, health care and fashion industries.

Related: Fosun Shares Slide After Viral Diarrhea Outbreak at Club Med Resort

Support independent journalism from China. Subscribe to Caixin Global starting at $0.99.

Share this article
Open WeChat and scan the QR code