HONG KONG & NEW YORK--(BUSINESS WIRE)-- Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR") today announced that KKR China Growth Fund L.P., a China focused investment fund managed by KKR, has entered into a definitive agreement to invest US$60 million into China Outfitters Holdings Limited ("China Outfitters"), a leading menswear retailer in China. KKR was a cornerstone investor in China Outfitters' Initial Public Offering.
China Outfitters is a leading and fast-growing menswear design, manufacturing and sales company in China. It offers a wide range of men's casual wear under several well-known brands locally with foreign origin, including JEEP, Santa Barbara Polo & Racquet Club and London Fog. China Outfitters has built up an extensive sales network comprising more than 1,000 stores nationwide, delivering 34% and 81% revenue and net income CAGR over the past three years.
"We are very impressed by KKR's global resources and China team's strong track record in China," said Zhang Yongli, CEO of China Outfitters. "China Outfitters truly values KKR as a long-term partner to further grow our business as KKR will be able to provide China Outfitters with valuable advice and support on areas for operational improvement, capital markets access and strategic initiatives."
"KKR is investing in China Outfitters because of their high quality and dedicated management team with solid execution capabilities, strong performance and long-term vision for the future," said David Liu, Member of KKR and CEO of KKR Greater China. "In addition, the menswear market in China has enormous growth potential. Market leaders such as China Outfitters have significant room to increase market share. We look forward to fully utilizing our global resources and working with them to further grow the business."
ABOUT China Outfitters Holdings Limited
China Outfitters is a fast-growing, menswear-focused apparel design, manufacturing, marketing and sales company in China. The Company offers a wide range of men's casual wear under several internationally renowned, mid-to-high end brands, including JEEP, Santa Barbara Polo & Racquet Club, Sideout, Hallmark and London Fog. China Outfitters has an extensive sales network comprising 416 self-operated stores and 590 franchised stores located in 244 cities across 31 provinces, autonomous regions and municipalities in China, as of September 30, 2011. The varied brand offerings and emphasis on the quality, design and style of the products help to differentiate China Outfitters. For additional information, please visit China Outfitters' website at www.cohl.hk.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $58.7 billion in assets under management as of September 30, 2011. With 14 offices around the world, including Beijing, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR's website at www.kkr.com.
KEY MEDIA CONTACTS:
KKR (New York)
Kristi Huller, +1 212 230 9722
China Outfitters Holdings Limited
Mak Yue Ping, Austin, +852 2986 6288
New Alliance Consulting International (for KKR China)
Gemma Tian, +86 6580 9518/+86 139 1196 0572
Hill+Knowlton Strategies (for KKR Asia)
Linda Pui, + 852 2894 6378
Source: HILL AND KNOWLTON ASIA LTD and KKR
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