Cassia backs $40m investment in China retail

The rights had been held by New Elegant Trading (Shanghai), Evisu's joint venture partner backed by IDG Capital Partners. Cassia's holding is unknown, but Evisu will continue to own a majority stake, according to a statement.

Founded in 1991, Evisu is best known as a manufacturer of denim products through its main brand Evisu Evergreen, along with Evisukuro, a line of fashion-oriented athletic wear. The company operates more than 150 points of sale worldwide along with an e-commerce portal. Along with its ongoing China expansion Evisu is also seeking distribution partners for the US and European markets.

"The company has made concerted efforts with its China joint venture partner over the past few years to establish brand awareness and secure a footing in China," said David Pun, chairman and CEO of Evisu. "We think this is an ideal time for the company to integrate its regional China business with headquarters to pursue the brand's global objectives in the coming years."

Cassia is based in Hong Kong and targets investments in lower middle-market companies in China and Southeast Asia. The firm led a $5.5 million Series A round earlier this year for Vietnamese café chain operator KAfé Group, and in 2013 joined the management-led consortium that bought Thai duck processing firm Bangkok Ranch from Navis Capital Partners and Rabo Capital.

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• Topics
• Greater China
• North Asia
• Consumer
• Buyouts
• Trade sale
• China
• Japan
• IDG Capital Partners