China's Trinity Limited buys Cerruti

Trinity Limited said its purchase of Cerruti Holdings "fits in with the Group's strategy to own intellectual property rights or take on very long term licenses in high-end to luxury menswear brands with heritage."

Cerruti has been owned since 2006 by MatlinPatterson, a firm which specialises in turning around loss-making companies.

Hong Kong-listed Trinity Limited manages six high-to-luxury end international menswear brands, including Cerruti 1881, but mostly under long-term licenses.

It is a division of the Li & Fung Group, which generated $16 billion in revenue last year.

Trinity Limited said in a statement that planned to exploit its operating and 381 store network in China to help turn around Cerruti.

It added that Cerruti's flagship Paris store would remain a critical element of building the brand's image.

Source: AFP