Dec 18, 2017
L Catterton Asia announces JV of GXG and 2XU
Dec 18, 2017
L Catterton Asia has announced the launch of a joint venture between two of its portfolio companies – GXG, the Chinese menswear fashion group, and 2XU, the premium compression activewear from Australia.
Through this strategic partnership, both companies will be well-positioned to capitalise on the rapidly-growing fitness and sportswear market in China.
"We are delighted to announce this exciting partnership between GXG, the number one fashion menswear brand in China, and 2XU, a leading sporting apparel designer. With its unique brand positioning and strong retail presence, GXG stands out by providing customers high fashion design within the casual and business wear markets," chairman and managing partner of L Catterton Asia, Ravi Thakran, said.
"GXG and 2XU are led by seasoned management teams with deep understanding and complementary knowledge of the fashion and retail industries, and we look forward to continuing to work alongside and support both teams. With L Catterton’s extensive resources and network, and our unique approach to value creation, I am confident the new venture has the potential to take both brands to the next level," Thakran added.
Since acquiring a controlling stake in GXG in 2016, L Catterton Asia has been working closely with the company’s management team not only to support organic growth in existing segments, but also to expand into new categories. In addition to facilitating the partnership with 2XU, L Catterton Asia has supported GXG by sourcing additional collaboration opportunities and assisting with global expansion.
"As a strategic partner, L Catterton Asia has supported GXG’s multi-branding, globalisation and all-series development goals. Under the guidance of L Catterton Asia, we are excited to bring new experiences to sports enthusiasts by helping launch 2XU in China. I have long admired the 2XU team’s expertise, dedication, enthusiasm and persistence for sports and look forward to working with them on this exciting new project," said Yu Yong, CEO of GXG Group.
"GXG’s unmatched knowledge of the Chinese fashion industry makes them the ideal partner to support our expansion into China and I am confident we have assembled the right team for this project. Since L Catterton Asia’s investment in 2013, 2XU has experienced significant growth and I am grateful for their partnership as we continue to expand into attractive markets around the world," Paul Higgins, CEO of 2XU, said.
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