HK handbag chain buys e-store
Hong Kong listed handbag retailer Milan Station Holdings has acquired online retailer Chaodai.
Milan Station’s parent companies Standpoint and J&C will form a new entity to acquire Chaodai which will then trade under the Milan Station branding. As with their ownership of Milan Station, the two companies will hold 90 per cent equity and 10 per cent respectively.
“The parties… intend that through the acquisition and the proposed increase in capital, Chaodai will become well positioned in terms of financial and human resources and wider business networks to explore the cross-border online business under the brand name and the trademark of “Milan Station” for better return on their investments,” the company said in a regulatory filing to the Hong Kong Stock Exchange.
Milan Station had already revealed plans to expand its retail points in the Hong Kong’s ‘clubhouses’ due to booming sales.
It plans to expand its store network in Macau from six to 10 to further increase sales.