Lalique Group inks Hong Kong deal to boost China presence
To strengthen its presence on Asian markets, Swiss luxury crystalware group Lalique has recently signed a strategic partnership deal with Damian Ltd, a Hong Kong-based company which represents a pool of Chinese investors defined as "notable", though their identity was not disclosed.
The deal will reportedly become operational in January 2018, bringing financial resources worth €20 million to the Swiss luxury group. The first step is a share capital increase, through the issue of 997,300 shares, of which 380,000 will be underwritten by Damian Ltd for the sum of CHF11.4 million (€9.8 million), pending the shareholders' approval. The partnership also involves the signing of a joint-venture agreement between Lalique China, a subsidiary of Lalique Group, and Damian Ltd. The latter will invest €10 million in the joint venture, in which Lalique will hold a 51% stake.
These operations will allow Zurich-based Lalique Group to boost the distributive footprint for its crystalware and jewellery across China, and to adapt its products targeting the interior decoration, art and hotel/catering industries to the specific requirements of the Chinese market.
In the first six months of 2017, the Lalique group generated a revenue of €64.2 million, equivalent to a 9% rise. To further boost its business in Asia, the group recently announced a strategic partnership with Singapore Airlines, which is set to start next January.
Copyright © 2023 FashionNetwork.com All rights reserved.