Private equity firm CVC Capital Partners has acquired co-control of the Japanese fashion brand, A Bathing Ape (BAPE), for an undisclosed sum.
The investment follows BAPE’s privatisation of IT Limited by Brooklyn Investment, which is owned by CVC and the founder group of IT, on 30 April 2021.
Through the acquisition, CVC said it plans to support the group’s expansion both online and geographically.
The streetwear brand will focus on growth in overseas markets such as Europe, China, and the US, while enhancing customer experience and optimising its marketing and sales channels via increased digitalisation.
Jann 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.”
He added that the group will “work closely” with BAPE’s existing management team to “drive the continued success of the business”.
Sham Kar Wai, chairman, CEO, and co-founder at IT, 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.”