KKR Bets On Chinese Apparel Market With $30M Novo Stake

Law360, New York (August 21, 2012, 7:05 PM EDT) -- Global private equity fund KKR & Co. LP said on Monday it had bought a $30 million stake in privately held Chinese apparel retailer Novo Holdco Ltd. to cash in on the country's $38 billion youth apparel retail market.

The KKR China Growth Fund made the investment to expand Novo's nationwide store network and pursue license agreements with international fashion brands, the company said on Monday.

"Novo was one of the first and remains one of the largest established specialized department store chains targeting the underserved...
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