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I.T Buys A Bathing Ape's Parent Company
TOKYO
Hong Kong-based retailer I.T Ltd. said Tuesday it has agreed to buy 90 percent of Nowhere Co., the corporate parent of Japanese street label A Bathing Ape, for 230 million Japanese yen, or $2.8 million at current exchange rates.
I.T said it plans to restructure the money-losing company and restore it to profitability. The luxury goods and fashion retailer said it wants to broaden the geographic reach of the brand, known as Bape, beyond its core Japanese market.
The retailer said that Nowhere founder Tomoaki Nagao, who goes by the name Nigo, will serve as a creative director of Nowhere for an initial period of two years and will oversee product design, brand direction and image development in that role. An I.T spokesman said Nigo's contract would be considered for renewal at the end of the two-year period.
Music and fashion impresario Nigo, who has gold-capped teeth and favors knit caps year-round, founded Nowhere in 1993. Over the years, the label has developed a cultlike following as fans snatched up its colorful sneakers, camouflaged clothing and simian-themed T-shirts. It has also diversified into children's items through a licensing deal with Sanrio and tailored men's apparel.
But the hype surrounding Bape has not translated into profits at least not recently. I.T said Nowhere booked a loss of 267.43 million yen for...