The Board of C&A AG announced that it has entered into an agreement on the sale of C&A China to Beijing Zhongke Tongrong Private Equity Investment Fund.
The sale is an opportunity to accelerate the growth of one of Europe’s retail brands within the Chinese market.
Duan Xuefeng, Executive Director of Zhongke Tongrong Private Equity, said: ”C&A is a valuable global brand and one of the world’s largest users of organic cotton. As cities in China are gradually reopening following the COVID-19 pandemic, we believe there is an exciting opportunity to drive further local expansion.”
Jim Dubow, Managing Director of C&A China, added: ”The opportunity in China is vast, even in the aftermath of COVID-19. All C&A China employees look forward to working very closely with the new investors to accelerate the success of the C&A business and brand in China.”
The financial details around this transaction will not be disclosed.