Chinese Fast Fashion Giant to Sell $69 Million in Assets - SolidRumor.com

Chinese Fast Fashion Giant to Sell $69 Million in Assets

 Chinese Fast Fashion Giant to Sell $69 Million in Assets

A Metersbonwe store. Metersbonwe.

Mass market apparel player Metersbonwe will sell assets worth 448 million yuan ($68.84 million) to Bacchus Wine and Bairun Investment Holdings to raise capital and increase liquidity. The assets include a subsidiary and a fashion museum.

The once-popular fashion giant is struggling to stay relevant in a market dominated by fast-moving online players and has closed thousands of stores in recent years.

Last October, Metersbonwe forecasted it would lose 580 million yuan ($89 million) to 820 million yuan ($125 million) during its 2020 fiscal year. In 2019, the company’s net profits declined by 825 million yuan ($125.2 million). Since August 2015, it has seen its stock price fall 88.99 percent and its market cap contract to less than 3.4 billion yuan ($522 million), from a peak of nearly 40 billion yuan ($6.14 billion).

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