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Carlyle invests $20m in Chinese fashion brand Ellassay

By Zhang Ran (chinadaily.com.cn)
Updated: 2009-03-25 18:22

Global private equity firm The Carlyle Group on Wednesday announced a $20 million investment in Ellassay, a high-end Chinese women's fashion house. The investment, funded by Carlyle Asia Growth Partners (CAGP), will enhance Ellassay's product development, market expansion and overall management. Further financial details were not disclosed.

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Since opening its first store in Shenzhen in 1995, Ellassay has expanded to a sales network of more than 280 retail shops across the country and has seen revenue increase by 30-50 percent annually. Ellassay is known for its elegant style, and was recognized as the top Chinese fashion brand of the year 2008 by China International Clothing & Accessories Fair. With Carlyle's support, Ellassay aims to continue its growth in China and gain recognition in international markets.

"Our partnership does not merely focus on capital injection, but more importantly, on shared objectives of how to expand our brand, advantageously deploy Carlyle's resources and develop Ellassay into a sustainable international brand. In times of economic downturn, it is imperative to set our sights on our long-term strategic direction and brand positioning in order to sustain and prosper for years to come," said Alan Xia, president of Ellassay.

"This transaction follows our investments in fast-growing, domestic-branded Chinese consumer companies such as restaurant chain Babela and leading fashion sportswear enterprise Xtep last year," said Wayne Tsou, managing director of CAGP. "We maintain our confidence in the Chinese consumer and retail market and our commitment to invest in China."