"In a surprising move, news came in today that Hong Kong’s I.T. Group has purchased 90% of A Bathing Ape mother company Nowhere Inc.
“Hong Kong-based I.T Ltd said Tuesday it has bought 90 percent of Nowhere Co., the corporate parent of Japanese street label A Bathing Ape, known as Bape, for 230 million Japanese yen, or $2.8 million at current exchange rates.Last we heard, Bape was making around 60 Million USD revenue a year, therefore the 2.8 million USD pricetag seems extremely low. For now we do not know why the turn-out of this deal is so low, but hopefully we can soon tell you more." - High Snobiety
I.T said it plans to fully consolidate Nowhere into the company. It also said that Tomoaki Nagao, best known by the name Nigo, will serve as a creative director of Nowhere for an “initial period of two years”. The statement said he will oversee product design, brand direction and image development.” Via WWD.
via High Snobiety
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