HONG KONG, March 25 (Reuters) – U.S. investor Carlyle Group said on Wednesday it had invested $20 million in a high-end Chinese women’s fashion maker to support its business expansion at home and help it expand outside China.
Carlyle made its investment in Ellassay, established in 1995 in the southern Chinese boomtown of Shenzhen near Hong Kong, through one of its regional funds, Carlyle Asia Growth Partners, the Washington D.C.-headquartered company said in an emailed statement.
Carlyle did not give any further financial details about the investment.
“We maintain our confidence in the Chinese consumer and retail market and our commitment to invest in China,” said Wayne Tsou, head of Carlyle Asia Growth Partners.
Ellassay has expanded to a sales network of more than 280 retail shops across China and has seen revenue rise by 30-50 percent annually since 1995, Carlyle said in the statement. (Reporting by George Chen; Editing by Anshuman Daga)