China Dongxiang to buy brand ownership from Japan's Phenix

Hong Kong-listed sports wear retailer, China Dongxiang Group Co<3818> said on Tuesday it plans to buy into Japanese equivalent Phenix Co, which holds the ownership of two international famous clothing brands- Phenix and Kappa.

The Japanese company has the global ownership of Phenix which focuses on producing garments for skiing and outdoor sports and owns full rights of Kappa in Japan, Dongxiang said in a statement.

The company raised US$702 million through its Hong Kong IPO last October. Currently, it owns Kappa in mainland China and Macao.

The company expected to reach final agreement on the deal by Apr. 25, but without revealing any details.