February 1, 2011
Hong Kong owned fashion group I.T have announced the purchase a 90% stake of Bape, with Nigo to stay on as Creative Director for two years. In a surprise move, I.T. who already own a very impressive list of brands purchased their stake for only 2.8 million dollars.
Hong Kong-based I.T Ltd said Tuesday it has bought 90 percent of Nowhere Co., the corporate parent of Japanese street label A Bathing Ape, known as Bape, for 230 million Japanese yen, or $2.8 million at current exchange rates.
I.T said it plans to fully consolidate Nowhere into the company. It also said that Tomoaki Nagao, best known by the name Nigo, will serve as a creative director of Nowhere for an “initial period of two years”. The statement said he will oversee product design, brand direction and image development.
Music impresario Nigo founded Nowhere and incorporated it in 1995.
“We are delighted about this acquisition of Nowhere, which owns of some of the most sought-after brands in street wear fashion. We believe that this acquisition will broaden the brand portfolio of our Group and increase our market share in the street wear fashion in Greater China. It will also help position us better in tapping into the international market,” Sham Kar Wai, I.T chairman and chief executive, said in a regulatory statement via the Hong Kong stock exchange.
I.T is Bape’s distributor for Greater China. Most recently, I.T dedicated the lower level of its new I.T Beijing Market store, developed in tandem with Comme des Garcons, to a Bape boutique.
via Freshness Mag