Chinese private equity company Oriental Fortune is buying a 20 percent stake in Ports HK for an estimated HK$600 million (US$77.35 million). Oriental Fortune is expected to bring in a third-party investor to buy the remaining 80 percent.
Hong Kong fashion and luxury goods company Ports Design, which is controlled by Blackstone, CFS, and PIEL and owns Ports HK, is divesting from the fashion and apparel business due to the “difficult and challenging” retail environment.
“The downward trend has been caused by various factors, including consumers’ move from traditional retailing to internet purchases and the macro political environment in the PRC,” Ports Design said.
Ports Design offers its products under the Ports International, Ports 1961, BMW Lifestyle, Armani Collezioni, Armani Jeans, and Versace brands. Ports Design had 310 retail stores as of the end of 2014.
image credit: ports