Richemont confirmed last week that it has sold Shanghai Tang to Italian entrepreneur Alessandro Bastagli for an undisclosed sum. The move marks the end of almost two decades of ownership by the Switzerland-based luxury goods holding company.
Shanghai Tang was originally established in 1994 by Sir David Tang in Hong Kong, and quickly gained steam for being the first contemporary luxury brand from China. The brand, which started off as a bespoke tailor shop, famously blends its distinctly oriental heritage and style with a touch of western influences. The form-fitting qipao dresses, originally worn in the 2000 Wong Kar-Wai film, “In the Mood for Love”, is perhaps one of the luxury brand’s most iconic looks.
According to an official release, the group completed the sale on June 30, with the transaction bearing no material impact on Richemont’s balance sheet, cash flow or results for the year ending March 31, 2018. Richemont first acquired a controlling stake in 1998, before gaining 100 percent ownership in 2008. Among the many international, independently-managed luxury brands owned by Richemont, the three significant business areas include the Jewellery House and Specialist Watchmakers. Some of the 18 brands owned by Richemont include A. Lange & Söhne, Cartier, Van Cleef & Arpels, IWC and Jaeger-LeCoultre.
This story originally appeared on Luxury Insider.