FTI Consulting Facilitates Sale of Cerruti 1881 and Kent & Curwen
The sale of Cerruti 1881 was finalized for $62.1 million, while Kent & Curwen changed hands for $41.5 million. Both brands were previously under the ownership of the Hong Kong-based Trinity Group.
In a significant move that has reshaped the global fashion landscape, FTI Consulting has completed the sale of two renowned fashion brands, Cerruti 1881 and Kent & Curwen. The buyer, Biem.L.Fdlkk Garment, a Guangzhou-based fashion company, has acquired the global trademark rights for these brands.
Staff Writer
The sale of Cerruti 1881 was finalized for $62.1 million, while Kent & Curwen changed hands for $41.5 million. Both brands were previously under the ownership of the Hong Kong-based Trinity Group.
Cerruti 1881 and FTI Consulting
Biem.L.Fdlkk Garment, a publicly traded golf apparel retailer founded in 2003, has a strong retail presence in malls and airports across China. This acquisition marks a significant expansion of its portfolio and a strategic move into the luxury fashion market.
The sale was facilitated by the Hong Kong practice of FTI Consulting. This comes after the firm’s British wing sold Gieves & Hawkes, another brand that was part of Trinity Group’s portfolio.
Trinity Group was put into liquidation in January 2022 after its Chinese parent company, Shandong Ruyi Group, sought to shed some of its assets. The group had operated a large retail network across China, acquiring several international fashion brands, including Cerruti 1881 and Kent & Curwen. However, it later ran into serious financial problems.
FTI Consulting initially served as joint liquidator along with R&H Services in an early attempt at restructuring Trinity Group. After options for turnaround ran out, FTI Consulting was appointed to lead the sale process of the three brands.
Kent & Curwen, a nearly 100-year-old British menswear brand, had previously collaborated with David Beckham before financial issues prompted the famed football player to part ways with the company in 2020. Cerruti 1881, a luxury fashion brand with French and Italian roots, offers a wide range of contemporary menswear products.
Johan Chairil
Luxury Fashion
The luxury fashion industry has grown tremendously in mainland China in recent years. An industry report found that China’s luxury goods market could grow to account for 25% of all global sales in the industry by 2025. As the second largest economy in the world continues to prosper, a growing number of wealthy Chinese consumers will fuel demand for luxury fashion products.
Trinity Group, a Hong Kong-based company, had a diverse portfolio of international fashion brands. Apart from Cerruti 1881 and Kent & Curwen, they also owned Gieves & Hawkes.
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