China's leading trousers manufacturer JoeOne turns to international market and made the first direct acquisition of international brand after the listing plan was delayed. JoeOne acquired one famous European apparel brand, disclosed by Lin Congying, the company's president at 2009 JoeOne Menswear Exhibition Tour and Matador Contest, which was held to assist the purchase. The acquisition has basically completed and currently the liquidation of assets is proceeding.
Lin expressed that the European textile and apparel firms impacted by the economic crisis have mostly encountered cash flow problems and the acquisition will be at low cost. JoeOne plans to continue the acquired brand's operation in Europe and will not expand its self-owned brands to Europe for the time being. The company's listing is being re-planned and such move will also make preparations for its future growth and going public.
