Modern Boulevard Buys Luxury Goods Stores In Milan, Italy.

Last year, it spent 40 million 680 thousand euros to buy Belgium.

The same name movement of Dirk Bikkembergs

After 51% stake, the China Men's wear group fashion Boulevard fashion group Limited by Share Ltd (formerly known as Guangzhou's nundi Road clothing Limited by Share Ltd) is buying another 21 million 300 thousand Excelsior to buy Italy Milan luxury department store, Milano.

Excelsior Milano is part of the Gruppo Coin SpA in Italy. The latter, after splitting and listing OVS SpA including fast fashion brand OVS and chain corporation Upim Upim in 2015, still owns OVS SpA 52% shares. The company also owns middle end department stores, department stores in Rome and Venice stores, Milan luxury goods department stores, and children's wear brands, etc.

Modern Avenue will be wholly owned by Excelsior Milano, a wholly owned subsidiary of Limited by Share Ltd, Hongkong.

The department store opened in 2011 and is located near the Duomo chapel in Milan. The seven floor sales area is about 3000 square meters. It mainly covers men's wear, women's wear, accessories, restaurants and supermarkets. It has good cooperation with brands such as Valentino, Versace, Gucci, Givenchy, Lanvin and so on, with annual sales of about 40 million euros.

In the trade bulletin, the modern Avenue said that the acquisition is an important measure to build the global fashion ecological chain of the group. It will help the group further build a perfect global supply chain system, share the international influence of Excelsior Milano and its resources of more than 300 international famous brands, and achieve the global shopping key of the European / Asian offline experience through the existing and Excelsior Milano online service platforms.

Italy quoted sources as saying that Lin Yongfei, founder and chairman of modern Avenue, began to buy Excelsior Milano and Gruppo Coin SpA Stefano about a year ago.

Modern Avenue is planning to open 5 Excelsior Milano in China before 2020, and the first one has been selected for Macao, which will open in the second half of this year.

Modern Boulevard has about 400 private brand stores in China, and operates an international luxury brand agency business. It has opened about 200 stores for Salvatore Ferragamo, Emporio Armani, Bally, Max Mara, Givenchy, Rimowa and Tumi.

Due to the economic slowdown in China, the high-end men's clothing business has been under great pressure. In the first 2016 quarter of this fiscal year, the group's revenue fell by 0.11% to 222 million 100 thousand yuan, and from profit to loss, from 14 million 464 thousand yuan to net loss of 10 million 600 thousand yuan from the same period last year, it has suffered a continuous loss of three quarters.

The group also issued a profit warning, expecting a net loss of 1000-2500 yuan in the first half of fiscal year, compared with a net profit of 23 million 944 thousand and 400 yuan in the same period last year, mainly due to the no improvement in the terminal retail market, the rising operating costs and the new business sector being still in the investment phase, and the increase in interest rates on bank borrowings and expenses in the same period last year.

In the 2015 fiscal year, the group's annual revenue increased by 3.47% to 724 million 200 thousand yuan, and net profit dropped 31.54% to 10 million 217 thousand yuan.