Elegant Team Development Augments Group’s Outdoor Apparel Technical Capabilities, and Adds Bangladesh Production Base
HONG KONG SAR 3 October 2023 – Lever Style Corporation (HKEX: 1346, “Lever Style”), has acquired the Elegant Team Development (“Elegant”) apparel business through an asset purchase. Lever Style is one of the world’s fastest growing apparel production platforms with industry-leading 51% growth in 2022 and 64% growth in 2021.
“Our strategy is to grow organically during strong economic times, and acquire fellow manufacturers and transforming them into our asset-light platform business model during challenging times,” said Stanley Szeto, Executive Chairman of Lever Style.
After a two-year hiatus during the post-covid rebound, Elegant is Lever Style’s first acquisition since 2021, and the sixth acquisition since the company’s IPO in 2019.
Lever Style aggregates smaller apparel supply chain companies that will benefit from Lever Style’s scale, progressive management, platform business model, and financial strength. Increasing scale gives Lever Style more options and resources to better service existing and newly acquired customers.
Lever Style is already a key apparel production partner for outdoor apparel brands such as Arcteryx, Haglofs, and Helly Hansen. Other clients include designer brands such as Paul Smith and Armani; premium contemporary brands such as Hugo Boss and Theory; streetwear brands such as Aime Leon Dore and Todd Snyder; active/athleisure brands such as Spanx and Vuori; and digitally-native brands and platforms such as Bonobos and Stitch Fix.
Elegant is a supply chain solutions provider with special expertise in outdoor and activewear, and also brings Lever Style customers the option to produce in Bangladesh.
Elegant produces for such trusted brands as Mammut, Jack Wolfskin, Red Bull, and Beretta among many others. With this acquisition, Lever Style strengthens its business scale and skillsets in outdoor and active apparel.
Refer to HKEX Announcement: click here
