Completion of Ted Baker JV

Ms. Celine Chen, Chairman of LongGoal; Mr. Lindsay Page, Chief Executive of Ted Baker; and Ms. Jing Yin, Managing Director of TBHK & Chairman at INFRA, participated in the completion ceremony which was held at The British Ambassador’s Residence in Beijing, China. Guests in attendance included Christina Scott, Minister and Deputy Head of Mission at the British Embassy in Beijing, as well as distinguished CEO’s of China’s top retail malls and media.

The joint venture company, Ted Baker Hong Kong Limited (“TBHK”), was announced on On April 10, 2019 and will be responsible for expanding and operating retail, wholesale and e-Commerce in the Territory. Under the JV agreement, at completion, Ted Baker issued share capital of TBHK to LS for a total subscription price of RMB50m (c.£5.7m), in return for a 50% interest in the shares in TBHK. 

TBHK and Longgoal will also set up a design centre in Shanghai to collaborate with Ted Baker’s design centre in London. The collaboration aims to develop and produce fashion collections that are curated for the Territory. TBHK will assemble a design team led by an internationalized vision to enrich the region’s product offering, and serve as the driving force of the brand’s future in the Territory.

Commenting, Lindsay Page, Acting Chief Executive Officer of Ted Baker, said:

“Longgoal has a strong channel and operating team in the market encompassing retail, design, production and supply chains, and has established excellent performance in the industry. We will combine Longgoal’s experience of expanding in the Territory, especially in second and third-tier cities in Mainland China, with Ted Baker’s knowledge of sales, training and brand building, believing in the long-term prospects of the market.”

Commenting, Ms. Celine Chen, Chairwoman of LongGoal, expressed confidence in long-term cooperation and said:

“in the past decade, China’s fashion market has grown rapidly, global brands have gradually entered the market, competition has been very intense and consumers have become mature and rational. Thus, the biggest challenge for Ted Baker’s strategic deployment and future is to fully understand the changes and trends of the customer markets, optimize the brand and win consumer loyalty by drawing insight on the market changes. In addition, the establishment of a perfect overall channel strategy will be the focus of the Ted Baker’s future in China, which includes expanding brand visibility and image across digital platforms, creating offline and online cross-platform integrated distribution network, and improvements in customer experience and service.”

Commenting, Jing Yin, Managing Director of TBHK and Chairwoman at Infra, said:

“This moment represents a key transformation for Ted Baker in China. The visionary leadership of the Ted Baker brand, combined with a strong brand with innovation capabilities and the local infrastructure advantages of Longgoal, offer Ted Baker an unparalleled opportunity to play a leading role in the Territory. I’d like to thank Ms. Celine Chen for her collaboration in laying out a solid foundation for Ted Baker’s development. Together, with our united belief in Ted Baker’s brand strength, we are inspired to achieve unrivaled success in the Territory.”