Vigna S Was Prosecuted For Acquiring Teenie Weenie, Plaintiff Korea Attachment.

In June 13th, Vigna S fashion Limited by Share Ltd announced that the company's sweet Shanghai (Commerce) Limited received a court summons and a civil complaint.

The plaintiff is Yi Nian (Shanghai) Fashion Trading Co., Ltd., the defendant is a company of sweet and weak Shanghai (Shanghai) Trading Co., Ltd., the case is a dispute involving sale and purchase contract involving 5 billion 700 million acquisition of Teenie Weenie.

The plaintiff asked Vigna S to pay the 454 million yuan (including tax) and default payment for overdue payment to the company.

Event playback

In August 31, 2016, Yi Nian and Vigna S signed the agreement on the pfer of assets and business of Teenie Weenie brand. It was agreed to pfer from Yi Nian to Vigna S that it legally owned Teenie Weenie brand and related assets and businesses in mainland China, and Vigna S paid the price of the underlying assets to the company.

The third agreement of the pfer agreement stipulates that Yi Nian will deliver the underlying assets to Vigna S in two batches. The fourth stipulates the calculation method and payment arrangement of the overall pfer price of the underlying assets, that is, thirteen days after the first delivery of the company in accordance with the agreement, and the actual delivery ratio is not less than 80%.

Within thirteen days after the completion of the second deliveries as scheduled, the actual delivery ratio will reach 97%.

If vickna fails to pay the money in time according to the agreement, the company has the right to ask the defendant to pay the penalty.

According to Yi Nian company, the proportion of the seller's actual delivery has reached 98.1% as of the second delivery date. Therefore, Vigna S should pay the 454231528.64 yuan (including tax) of the corresponding residual pfer price of the underlying assets to the garment company according to the agreement of the pfer agreement, and ask the defendant to pay the corresponding default payment for overdue payment.

The company believes that the related complaint of Yi Nian indictment is not in line with the facts.

The lawsuit stems from disputes between the company and Yi Nian company about the acquisition of Teenie Weenie brand assets and business pactions. The seller and the buyer have disputes over the actual delivery ratio of the company.

The company did not deliver second deliveries in accordance with the requirements of the relevant agreements under the acquisition of Teenie Weenie brand assets and business pactions. The actual delivery ratio of the plaintiff did not reach the "actual delivery ratio of 97%" stipulated in the pfer agreement. The company believed that the pfer price should be paid according to the actual delivery ratio of the company according to the agreement of the pferor agreement and the relevant agreements.

Vinnie Ingenvignas main revenue

Recently, Vigna S fashion Limited by Share Ltd announced that it was intended to change the Chinese name of the company to "Jinhong fashion group Limited by Share Ltd". The company's securities referred to as "Jinhong group".

In 2018, the company achieved a total revenue of 3 billion 90 million, an increase of 20.3% over the same period last year. The net profit attributable to the owners of the parent company was 270 million, an increase of 43.6% over the same period last year.

From the perspective of brand income, the VGrass brand income in 2018 was 862 million yuan, accounting for 27.9%.

Year-on-year growth of 8.91%, as of the end of 2018, the number of shops 153, 11 new opened, 20 closed, a net reduction of 9.

The Teenie Weenie (Winnie bear) brand realized 2 billion 193 million yuan in business revenue, accounting for 74.2%.

Year-on-year growth of 4.99%, as of the end of 2018, the number of shops 1232, 195 new opened, 249 closed, a net reduction of 54.

Wenger said that the case had not yet been heard, and the company had organized a professional legal team to respond.

At present, this case will not have a significant negative impact on the company's daily production and business operations and profits.