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Rich Chinese buys Swedish clothing line JC

Friday, 01 November 2013
The sales of clothing line JC to a Chinese has been confirmed on Friday. The buyer is said to be a company owned by one of Hong Kong's richest men.
According to a market press release, RNB Retail and Brands AB has entered into an agreement to sell the subsidiary JC to Denim Island AB.JC

Denim Island AB is a part of Denim Island Group owned by Gordon Wu, one of China’s Honkong based richest men. The buyer, Denim Island Group is a leading producer of denim products as well as a wholesaler of a number of denim brands sold in Western Europe and the USA.
The agreement means that Denim Island AB will take over all operations in the subsidiaries JC AB and JC Jeans Clothes Oy.
Thommy Nilsson will be appointed Chairman of the Board of JC. RNB will henceforth focus on development of the operations within Polarn & Pyret, Departments & Stores and Brothers & Sisters.

Today, JC has a total of 386 employees and 112 stores (of which, 77 are proprietary stores) and generated sales during the fiscal year 2012/2013 of Skr 675 million with operating income, excluding non-recurring items, of Skr -76 million.
For RNB, the transaction will have a neutral effect on the company’s cash flow and generate a write-down of shareholders’ equity of Skr 100 million. RNB will henceforth focus on development of the operations within Polarn & Pyret, Departments & Stores and Brothers  & Sisters.
“We have carried out intensive work since March in relation to JC, which has involved refining and streamlining its operations. Concurrently with this conversion work, we have conducted discussions with a number of interested

parties regarding an acquisition of JC. I am happy that we have managed to find a good industrial solution in that Denim Island will now take over all operations in JC, while the sale is being conducted on financial terms that are
accetable to RNB,” says Magnus Håkansson, President and CEO of RNB Retail anf Brands.
By Scancomark.com Team

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