Beaumanoir, the French clothing and footwear retailer, has sold a majority stake in its Chinese business to Zhongke, which recently bought C&A’s activities in the country. No financial details were released.
Beaumanoir decided to set up a “strategic partnership” with Zhongke because the Chinese market is evolving and the support of a strong local player was necessary.
Roland Beaumanoir, the company’s chairman, said that the deal aims to double the presence of the Cache Cache banner in China and reinforce its omnichannel business. It has 550 Cache Cache stores in the country.
Beaumanoir was founded in 1985 and had sales of about €1 billion in 2019. It has more than 3,000 points of sale operating under the Cache Cache, Bréal, Bonobo, Morgan, Vib’s and La Halle banners.
In July 2020, Beaumanoir was chosen by a Paris-based court to take over a large part of the assets of La Halle, a troubled French apparel and shoe retailer. The company took over 366 stores and La Halle’s logistics hub in Montierchaume along with 2,520 jobs.
La Halle, which is owned by the Vivarte group, was placed into safeguard procedure on April 21 to protect it from creditors, while its management sought a solution to save the company. But, after having failed to find a buyer for the whole business, La Halle was placed into receivership to be sold piecemeal.