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2 months ago
Richemont sells Shanghai Tang to Italian entrepreneur Bastagli
July 3, 2017 / 5:46 AM / 2 months ago

Richemont sells Shanghai Tang to Italian entrepreneur Bastagli

ZURICH, July 3 (Reuters) - Cartier owner Richemont has sold its Chinese luxury brand Shanghai Tang to an entity controlled by Italian businessman Alessandro Bastagli, the company said on Monday.

"The transaction will have no material impact on Richemont's balance sheet, cash flow or results for the year ending 31 March 2018," Richemont said in a statement. (Reporting by Joshua Franklin, editing by John Miller)

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