[Aju News DB]
China's V-Grass Fashion Co. has acquired Teenie Weenie, a bear-themed casual wear brand owned by the Chinese arm of South Korean fashion and retail conglomerate E-Land Group for 896 million US dollars.
E-Land said that V-Grass, based in Nanjing, signed a deal to purchase 100 percent of Teenie Weenie for one trillion won ($896 million). V-Grass engages in manufacturing apparels and women's fashion wear.
The deal is part of E-Land's efforts to reduce liabilities estimated at 4.5 trillion won that should be repaid in a year. Teenie Weenie, launched in China 12 years ago, has about 1,200 stores and posted 90.3 billion won in net profit last year.
E-Land is involved in retail malls, restaurants, theme parks, hotels, construction and fashion apparel. It has operations worldwide through its subsidiary E-Land World, including China, India, Sri Lanka, Vietnam, United States and Europe.
In March, E-land selected US-based private equity firm KKR & Co. L.P. as the preferred bidder for the sale of its hypermarket chain, Kim's Club, but the group said it would scrap the deal.
Aju News Lim Chang-won = cwlim34@ajunews.com
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