Private equity firm CVC announced the completion of an investment in A Bathing Ape (“BAPE”) after the brand became an independent company from I.T Limited.
This follows the successful privatization of I.T Limited by Brooklyn Investment Limited, owned by CVC Capital Partners Asia V Limited and the Founder Group of I.T on 30th April 2021. With the investment, CVC has acquired co-control of BAPE.
BAPE has been among the world’s most iconic streetwear brands since its founding in Harajuku, Tokyo, Japan in 1993. BAPE’s line up of labels includes A Bathing Ape, AAPE, Baby Milo, BAPE Black, and Mr. Bathing Ape, which are sold in stores across Asia, North America and Europe.
CVC plans to support the expansion of the business both online and geographically. BAPE will pursue the growth of its presence in overseas markets such as China, the United States and Europe, as well as evolving its online offering to enhance the customer experience and optimizing its marketing and sales channels through increased digitalization.
Yann Jiang, Director at CVC, said, “BAPE is an iconic brand with a loyal fan base that has defined the fashion industry with its premium streetwear designs. We are looking forward to bringing this exciting brand to more markets and new customers around the world.”
CVC has a twenty-year track record of expanding businesses in Asia, and will leverage its respective experience in internationalization, commercial expansion and digitalization, as well as the strength of its existing portfolio of global brands to support BAPE’s growth ambitions.
Sham Kar Wai, Chairman, CEO and co-founder of I.T Limited, said, “I take great pride in the success of the brand to date, which has been thanks to the commitment of our leadership and staff. CVC is the right partner to support the transformation of BAPE as we focus on our long-term growth.”
“CVC is very pleased to partner with Chairman Sham and the BAPE team, which has developed and expanded BAPE’s position as a leading global streetwear brand. We will work closely together and drive the continued success of the business,” added Yann Jiang.
The completion of the investment follows I.T Limited’s shareholder meetings on 16th April 2021, where disinterested shareholders holding over 99.99% of shares voted in favor of the Scheme of Arrangement.