Hong Kong fashion brand Shanghai Tang is to go global with stores in Paris and Milan as well as more cities in Mainland China over the next two years.
Bought by Italian textile businessman Alessandro Bastagli and other investors on June 30, the company will also expand its online sales channels, Bastagli said in Hong Kong. As the brand’s executive chairman, he was in the city last week to introduce Shanghai Tang’s first collection after the takeover, designed by international designers and made in Italy.
Bastagli says he was attracted to the brand by its Chinese flavour. It was established in 1994 by the late Hong Kong businessman David Tang. Richemont Group bought a stake from Tang in four years later, and the company was sold to Bastagli and Cassia Investments, a Hong Kong-based consumer-focused private equity fund, on June 30 at an undisclosed price.
Bastagli says he decided to invest in Shanghai Tang as he believes the company has further room for growth.