Zoyi takes controlling stake in niche Chinese apparel brand
Zoyi Capital, the PE firm set up by Andrew Kuo, formerly of The Blackstone Group, has made its debut investment in Pink Mary, a Chinese manufacturer and distributor of high-end women’s apparel.
Zoyi will take a controlling stake in the business but the founders will retain an equity interest and continue their involvement.
Founded in Shanghai in 2003, Pink Mary is known for its elaborate hand-knitted patterns and Baroque style, which are popular among the 30-50 year-old demographic. Its products are distributed in around 400 stores throughout China.
"Zoyi Capital has identified strong momentum in the high-end segment of the lady apparel market in Chin and we believe Pink Mary is uniquely positioned in terms of design and style to capture this growth," Kuo said.
The private equity firm is based in Taiwan and targets leading mid-cap companies throughout Greater China, taking buyout and significant minority growth positions. It is seeking to raise $300 million for its debut fund, with the hard cap set at $500 million.
Kuo was previously vice chairman of Blackstone's Greater China office. His partners are Pei-Pei Yu, formerly a managing director in Goldman Sachs' private equity division and Eric Chen, who used to be president of North Asia and Greater China at Temasek Holdings-owned Fullerton Financial.
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