FOSUN INTERNATIONAL LIMITED Together Accelerating Silver Cross's International Growth
July 20, 2015, London/Shanghai, Today, China's leading investment group, Fosun Group (Fosun International Limited, HKEx stock code: 00656) announced its recent acquisition of Silver Cross, one of the most iconic nursery brands in the UK. This partnership will help accelerate Silver Cross's international growth.
Established in 1877, Silver Cross is one of the oldest and most iconic nursery brands in the UK. Today, Silver Cross is internationally recognised for its range including prams, travel systems, strollers, nursery furniture and car seats, all of which have helped to make the brand a trusted household name. The beautiful, often bespoke heritage products are still handcrafted in Yorkshire and are the only prams still manufactured in this country.
As a leading China-based, globally orientated investment group, Fosun Group's sights are set on the consumer demands of China's rapidly growing middle class and their continuously upgrading lifestyles. The global need for high quality, reliable and desirable nursery products is continuing to grow among parents, which creates a considerable opportunity for an iconic British premium brand like Silver Cross. It is already the brand of choice for parents who are attracted to the quality of its products and service which represent the best in British craftsmanship and heritage.
Alan Halsall acquired the brand out of administration in 2002 and took it to its current position as one of the world's leading nursery brands. Alan still retains his passion for the brand and the Halsall family will remain as investors of the new business. The current management team - led by Chief Executive - Nick Paxton - will continue to run the business day to day and guide Silver Cross through its next stage of development.
Alan Halsall, Chairman of Silver Cross commented: "Fosun Group brings Silver Cross its undoubted expertise, resources and competitive advantage in the Chinese market, and we are delighted with this partnership which will give Silver Cross the platform to accelerate the company's international expansion. Fosun Group showed a deep understanding of the heritage and potential for the brand and I believe that the future of Silver Cross is in the best possible hands."
Mr. Chen Qiyu, Vice President of Fosun Group and President of Healthcare Holdings said, "We are delighted to have been able to invest in the world's most prestigious nursery brand. We continue to consequently implement our strategy 'Combining China's Growth Momentum with Global Resources' for a new sector like high-end nursery brand. With the continuous growth of consumer demand in the China market, Fosun Group will be paying increased attention to investment in health consumption related industries. We look forward to working with the Halsall family and management team of Silver Cross to help take the company onto its next stage of growth in the UK and internationally"
In the future, we will put particular emphasis on supporting participation of these platform enterprises in consolidation of industries around the world. We seek to bridge the value mismatches between the robust China's consumption momentum and these brands and services valued by customers around the world. We seek to integrate resources, meet the need for better lifestyle from customers around the world, especially those in China, with the best products and services, building a healthcare and happy & fashionable lifestyle ecosystem that is based on the China's growth momentum and the capability of integrating industries around the world.
About Silver Cross
Silver Cross, which was established in 1877 by William Wilson who invented the world's first modern pram, has established itself as a leading UK heritage brand. The company incorporates the latest product design with engineering excellence to offer its customers a range of modern systems and lightweight strollers alongside its hand-built legacy prams and complemented by its growing nursery furniture range.
Silver Cross has a multichannel distribution network covering the UK, Europe, the Middle East and Asia Pacific. In the UK, the Company has a significant retail presence with a strong national retail footprint and an extensive network of over 170 independent retailers. Silver Cross has enjoyed substantial success in China with two major stand-alone stores in Shanghai and Hong Kong and presence in a number of retail outlets. The South East Asian region has proved to be very successful for Silver Cross and a key growth market.
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