SHANGHAI TANG

Swiss luxury group Richemont has sold Shanghai Tang, the Chinese fashion brand, to Shanghai Tang Group Limited, a business jointly owned by Alessandro Bastagli, a prominent Italian businessman, a private equity firm based in Hong Kong and LuxLab Limited, a subsidiary of Eaton Gate Capital Partners. Richemont first acquired a stake in Shanghai Tang in 1998 before taking full ownership a decade later. When Richemont bought Shanghai Tang from Sir David, the company was focused on marketing trad... itional-style Chinese outfits to foreign travellers passing through Hong Kong, with few sales to local customers. Since then it had expanded to 23 stores and has attempted to appeal to a wider customer base, although many Shanghai Tang shirts still feature a mandarin collar, a style common in Asian apparel in the 19th century. It has sought to position itself as a leading luxury brand within China, home to the world’s largest luxury marketMore