Bosideng International acquires menswear chain Greenwoods
After setting up shop and implanting offices in London’s West End in July 2012, Chinese retailer Bosideng is looking to put its foot to the floor with its British expansion plan. Bosideng International, which has 6 labels and over 8000 stores in China, has just acquired Greenwoods, a British menswear chain which operates 88 stores in the country.
The Chinese group purchased Pacific Trend Investment Limited’s stake in Greenwoods and now owns 96% of the company which was founded in 1860. The transaction was valued at just over £4 million. In 2012, Greenwoods reported revenue of £23 million and despite forecasting growth for 2013, expects to post a loss of £3 million at the end of December.
The move will allow Bosideng to strengthen its teams with Greenwoods’ retail experts and will enlarge its retail network in the UK.
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