EQS-News / 15/10/2021 / 13:31 UTC+8
Acquisition of Seamless Solutions to Fuel Lever Style's Expansion in Activewear and Athleisure Sectors
Strengthening Its Functional Product Capabilities in Athleisure, Activewear and Intimates
Hong Kong, 15 October 2021 - Lever Style Corporation ("Lever Style"; Stock Code: 1346) announced on 12 October 2021 that it has agreed to acquire the functional athleisure, activewear and intimate garment assets of Seamless Solutions Limited ("Seamless Solutions").
Seamless Solutions is a product specialist in sports bras and other seamless or adhesive bonded apparel for the activewear and athleisure sectors. Seamless Solutions serves clients across the globe, including Maia Active, Xtep, and Bmai, which are popular China activewear and sportwear brands; Bliss Club, an India athleisure brand; Panache, a global award-winning lingerie brand; and Bendon, a lingerie and sportswear brand based in New Zealand.
Lever Style is an apparel production platform serving more than 100 premium brands and digital platforms around the world. With today's consumers valuing functionality, comfort and style, growth in the activewear and athleisure sectors has been outpacing that of the general apparel industry. This acquisition expands Lever Style's product knowhow and business expansion in the rapidly-growing activewear and athleisure sectors.
"We share the same mission with Seamless Solutions which is to develop innovative apparel that pushes the boundaries on functionality, comfort and style," said Stanley Szeto, Executive Chairman of Lever Style. "The acquisition of Seamless Solutions expands our service offerings and accelerates our growth in the activewear and athleisure sectors."
"We have always been looking for opportunities to broaden our product range to meet our customers' product needs across the entire wardrobe. This is our fifth acquisition since July 2020. Seamless Solutions' specialty in sports bras and seamless or adhesive bonded products, together with our innovative product development capabilities and extensive global clientele, will enhance our position as a one-stop shop supply partner for leading brands and digital platforms around the world," said Szeto.
Under the asset purchase agreement, Lever Style will acquire the mentioned assets of Seamless Solutions at a consideration of USUSD3.2 million, while the vendors of Seamless Solutions will guarantee Lever Style net profits generated by its pool of customers of no less than USUSD3.2 million over the five years ending 31 December 2026. By cross-selling sports bras and other seamless or bonded apparel to its wide portfolio of customers, Lever Style aims to significantly increase sales and profitability in the activewear and athleisure sectors.
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About Lever Style Corporation
Lever Style is the product engine for digital retail, including brands and platforms such as Bonobos, Stitch Fix and Shein. It also meets the demands of designer labels such as Paul Smith, and premium contemporary brands such as Hugo Boss, Theory, All Saints, Vince and Rag & Bone. It offers an industry-leading range of product categories for both men and women, in a full offering of fabrics. Its supply chain solutions encompass fashion design, prototype development, raw material procurement, production oversight, quality control, and logistics. Since July 2020, Lever Style has completed four acquisitions to provide turnkey solutions across all apparel categories, including sweaters, denim, fashion outwears, as well as sportswear.
Learn more at: www.leverstyle.com
15/10/2021 Dissemination of a Financial Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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(END) Dow Jones Newswires
October 15, 2021 01:31 ET (05:31 GMT)
