Chinese firm to buy Japanese Sportswear group fo - sportstextiles: Lea SportsTextiles

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Chinese firm to buy Japanese Sportswear group for ¥1

29/04/2008
Phenix Co., a Japanese sportswear manufacturing subsidiary of Orix Corp, is to be bought by Chinese apparel firm China Dongxiang (Group) Co. for just ¥1.
Beijing-based China Dongxiang will buy a stake of more than 90% in Phenix, which makes and markets Kappa-brand sportswear. The Chinese firm will inject ¥500 million into the company. It will have the right to market Kappa sportswear in mainland China and Macao and will also sell Phenix ski wear in China.

Founded in 1952, Phenix has been struggling with slumping sales amid a general decline in the Japanese sportswear market.



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