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South Korean Fashion Group Considers Sale of China Unit

TBH Global Co, whose brands include Basic House, is considering a sale of its Chinese business that could raise about $200 million.
Source: @basichouse_kr via Instagram
By
  • Bloomberg

SEOUL, South Korea — TBH Global Co, the South Korean clothing retailer whose brands include Basic House, is considering a sale of its Chinese business that could raise about $200 million, according to people familiar with the matter.

The company has held talks with potential advisers about the sale, said the people, who asked not to be identified because the matter is private. The business could draw interest from other apparel companies as well as private equity firms, one of the people said.

TBH Global is exploring various ways to raise funds to repay debt and the sale is one of the options for consideration, a representative for the company said in response to Bloomberg queries. The company’s creditors include Goldman Sachs Group Inc. A representative for Goldman declined to comment.

Deliberations about a potential sale are at an early stage, and no final decisions have been made, according to the people.

TBH Global also has other brands including Jucy Judy and Mind Bridge. The South Korean firm opened its first Basic House store in Shanghai in 2004 and has a nationwide distribution network through major department stores in China, according to its website.

By Vinicy Chan, Manuel Baigorri, with assistance from Kyungji Cho, Jung Soo Maeng; editors: Fion Li, Ben Scent.

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