UK based Tarsus Group has conditionally agreed to acquire 65 per cent of Foshan Huaxia Home Textile Development, which owns the home furnishing expo, Hometex, a bi annual home textiles exhibition in China. Tarsus Group has acquired the stake of Foshan Huaxia Home Textile from Guangdong Home Textile Association and other association members.
Hometex, which was launched in 1997, takes place twice a year in spring and autumn in Shenzhen, with the next edition of the event planned in March 2017.UK based Tarsus Group has conditionally agreed to acquire 65 per cent of Foshan Huaxia Home Textile Development, which owns the home furnishing expo, Hometex, a bi annual home textiles exhibition in China. Tarsus Group has acquired the stake of Foshan Huaxia Home Textile from Guangdong Home Textile Association and other association members.
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Tarsus Group will acquire the 65 per cent stake in Foshun Huaxia for an estimated cash consideration of approximately £19.3 million.
The remaining 35 per cent stake in Foshan Huaxia will continue to be held by the Guangdong Home Textile Association and association members, who are also exhibitors at the events.
The Hometex brand has strong industry backing with one of the original shareholders being the Guangdong Home Textile Association, while the Chinese Chamber of Commerce for textiles also has a long-term partnership with Hometex. (AR)
Fibre2Fashion News Desk – India
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