China’s Green Harbor acquires fashion label Jason Wu

The GP, which was established in 2015 and has over RMB6 billion ($891 million) in assets under management, focuses on healthcare, education, financial services, and consumer. Past investments include Tencent Music, Wuxi Apptec and Homelink. The Jason Wu deal falls within its strategy of investing globally.

Jason Wu also represents a play on the consumption upgrade theme, leveraging demand for higher quality products among China's growing middle class. The brand is seen as having particular appeal to high-income female customers. Green Harbor will help develop its presence in China through media exposure, recruitment, and securing properties, as well as contributing financial resources, according to a statement.

Founded in 2007 by Taiwanese-Canadian designer Jason Wu (pictured), the New York-based label is best known for providing dresses for former US First Lady Michelle Obama on several occasions, including those worn during both of her husband's inaugurations. It initially had a high-end focus but started making cheaper apparel for working women in 2016. InterLuxe, a US investment firm, acquired Jason Wu in 2014.

The company has no physical stores, opting to sell its products online. Wu said last year that he was planning to open his first outlet in Shanghai in 2019 to raise the awareness of his collection, according to Women’s Wear Daily (WWD).

“I’m Chinese and there’s a huge demand for Chinese-named brands nowadays,” Wu told WWD. “When I was growing up most people appreciated more European and American brands but as the new generation has evolved, there is a real interest in buying brands with a Chinese name.”

 

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• Topics
• Greater China
• Buyouts
• Consumer
• Consumer
• China
• Green Harbor Investment