Kering to purchase minority stake in Chinese luxury brand Icicle [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
The deal is part of a new partnership with Icicle's parent company ICCF, the French luxury group said in a statement. Icicle was founded in Shanghai, China, in 1997 and focuses on women's and men's ready-to-wear and accessories. The brand operates more than 200 stores, including in Beijing, Paris and Shanghai. Financial terms and other details of the agreement were not disclosed. The statement added that the partnership is intended to combine ICCF's “deep understanding” of the Chinese luxury ecosystem and cultural landscape with Kering's expertise in craftsmanship, operations and brand development in Europe. Kering added that its investment will support the “next phase of development” for Icicle, including “continued” international expansion and an expanded product offering across new categories. The company said the collaboration is being driven by House of Wonders, a newly launched strategic initiative designed to selectively support emerging luxury houses. The luxury
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