The Nikkei reported that CLSA Sunrise Capital has agreed to sell 31.96% of Baroque Japan, Tokyo-based apparel company which owns several "109" fashion brands, to Shenzen based Belle International for approx. JPY 9.3 billion (USD 96 million). Baroque Japan and Belle International will form a JV to expedite Baroques business development in China.
AVCJ also reported that, in addition to the sale to Belle, another 23% has been sold to CDH at an undisclosed price. The transaction represents a full exit for CLSA, which previously held a 54.96% stake.
After CLSA acquired 83% of Baroque in September 2007, CLSA had previously considered to list Baroque on Hong Kong Stock Exchange and sold a part of its holdings.
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