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HONG KONG, Aug 26, 2020 - (ACN Newswire) - Lever Style Corporation (HKG: 1346 "Lever Style") has acquired the apparel business of Liwaco Overseas Marketing Limited ("Liwaco") including the technical outerwear maker's customer and supplier relationships, staff, and sales and production pipelines.
Liwaco makes men's and women's technical outerwear for high performance outdoor brands such as Mammut, Mountain Equipment Co-op, Helly Hansen, and Black Diamond.
This is Lever Style's first foray into the technical apparel market. With both fashion and technical apparel expertise, the Company is well-placed to support its customers in the growing athleisure segment - at the intersection of sportswear and fashion.
The acquisition, Lever Style's second within a month, demonstrates rapid progress against the Company's strategy outlined at the time of its November 2019 IPO to further expand its apparel category portfolio through M&A. The company also acquired Vista Apparels in July 2020.
"We will enhance Liwaco's operations for efficiency, speed and flexibility and integrate them into Lever Style," said Stanley Szeto, Executive Chairman of Lever Style. "The ability to offer our expanded customer base technical outwear in addition to our existing wide product range provides cross-selling opportunities as well as economies of scale."
Under the acquisition agreement, Lever Style will purchase certain assets from Liwaco for a consideration of around US$4.4 million and take on their employees.
About Lever Style Corporation
Lever Style is the apparel partner for the digital age. We're the product engine for rising ecommerce brands and platforms such as Bonobos and Stitch Fix. We also meet the demands of designer labels such as Paul Smith, and premium contemporary brands such as Hugo Boss, Theory, All Saints, Vince and Rag & Bone. We offer an industry-leading range of product categories for both men and women, in a full offering of fabrics. Our supply chain solutions encompass fashion design, prototype development, raw material procurement, production oversight, quality control, and logistics.
Learn more at: www.leverstyle.com
Media Enquiries:
Strategic Financial Relations Limited
Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk
Angela Wong +852 2114 4953 angela.wong@sprg.com.hk
Keith Ho +852 2114 2340 keith.ho@sprg.com.hk
www.sprg.com.hk
Topic: Press release summary
Source: Lever Style Corporation
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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