Italian investor looks to rev up Shanghai Tang sales

From Reuters - February 21, 2018

MILAN (Reuters) - Italian entrepreneur Alessandro Bastagli set his sights on Shanghai Tang two decades ago and having finally bought the brand in 2017 from Richemont he aims to increase the groups sales by 15-20 percent next year.

Bastagli told Reuters on Wednesday he will invest an important amount in the brand for its relaunch.

We bought a Ferrari, we now have to spend money to fill the tank, Bastagli said, declining to say how much was spent on the acquisition because of a confidentiality agreement.

The Swiss luxury conglomerate sold a controlling stake in the Chinese fashion group to a consortium of investors led by Bastagli last July.

Founded in 1994 by late Hong Kong businessman David Tang as a high-end tailor, Shanghai Tang sold Asian-inspired clothes for men and women as well as accessories and homeware.

The group now has 40 million euros ($49 million) in sales, and 16 boutiques in China, Singapore and Macao, as well as some airport outlets. Its London shop was closed months before the group was bought by Bastagli.


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