Grace 242 Million Yuan To Increase French Luxury Brand

Shenzhen grace announced that the company intends to buy a total of 35% stake in Shenzhen Shenzhen Qianhai (Shanghang Lin) holding 242 million yuan to Shenzhen Qianhai fossing song Industry Investment Fund (limited partnership) and Shanghai Fuxing real one equity investment fund partnership (limited partnership), thereby indirectly gaining the equity of IRO SAS 20%, the parent of France's luxury luxury brand IRO. Prior to this, he had already held 65% of Qianhai's Shanglin, or indirectly owned 37% of IRO's parent company.

Qianhai Shanglin currently holds ADON WORLD 57% stake, ADON WORLD holds IRO SAS 100% stake, IRO SAS and Song Si Si respectively hold the 20% and 80% interest of eno fashion (Shenzhen) fashion Limited ("eno fashion"). After the completion of the acquisition, he will further strengthen the global control over the IRO brand through the holding of IRO SAS 57% in Shanglin, Qianhai.

In this transaction, Shenzhen Qianhai Fuxing long song fashion industry investment fund sells 25% of its shares, and Shanghai Fosun only sells a 10% stake in the first phase equity investment fund partnership. After completion of the acquisition, he will hold a 100% stake in Shanglin, Qianhai.

IRO is a young and fashionable designer brand in French city. It was founded in 2005 by Laurent Bitton and ArikBitton brothers in Paris. At the same time, the brand started in New York and Paris, and from the beginning of growth, it laid the international gene and provided the location for young fashion designers in France.

With "Street Girls & fashionable women" as the design concept, IRO pursues the simple style of street feelings, including men's and women's clothing, and fashion women's wear products. IRO is known for its young innovative, skilful and concise French design, mostly using old leather, cashmere, silk and other materials to create a series of street punk style and Paris fashion inspiration. Leather jackets, dresses and casual T-shirts are popular among celebrities and fashions.

After more than 10 years of development, IRO has grown into an international brand. With its birthplace as the center of France, the sale of IRO involves more than 50 countries and regions, including the United States, Germany, the United Kingdom, Spain, Denmark and South Korea. It is on sale at famous retailers in Paris, such as Lord of Buddha, Paris spring, Bon Marche, Franck et fils and so on.

He owns the IRO brand's global ownership and fully dominates its regional business development in mainland China. In April 2017, IRO's first store in mainland China opened in Huhang Heng square, Shanghai port. As of now, IRO has opened 18 terminal stores in mainland China, distributed in Beijing SKP, Shanghai Golden State Center, Shenzhen the Mixc, Nanjing De Ji, Wuhan Guoguang and other high-end shopping centers. There are 54 stores in the world.

Announcement disclosure:

In 2018, IRO SAS achieved a global operating income of 574 million 836 thousand and 500 yuan, operating profit of 92 million 344 thousand yuan, and net profit of 45 million 774 thousand and 400 yuan (net profit after deducting non recurring gains and losses was 26 million 22 thousand and 500 yuan).

The first quarter of 2019 (Unaudited) operating income was 154 million 694 thousand and 900 yuan, net profit of 16 million 349 thousand yuan (net profit after deducting non recurring gains and losses of 9 million 198 thousand and 300 yuan).