Japanese apparel company Descente is transferring the Le Coq Sportif brand for mainland China to its consolidated subsidiary Le Coq Sportif (Ningbo) Co, Ltd. for 4.9 billion Japanese yen (€31.1m).
Le Coq Sportif (Ningbo) is 75 percent owned by Descente and 25 percent owned by Itochu Textile China and was organized and capitalized last year in preparation for the transfer, which will be completed on Dec. 31. Descente expects the sale of the brand to generate proceeds of approximately ¥3,4 billion (€21.6m) after tax.
