In a surprising move, news came in today that Hong Kong’s I.T. Group has purchased 90% of A Bathing Ape mother company Nowhere Inc.
“Hong Kong-based I.T Ltd said Tuesday it has bought 90 percent of Nowhere Co., the corporate parent of Japanese street label A Bathing Ape, known as Bape, for 230 million Japanese yen, or $2.8 million at current exchange rates.
I.T said it plans to fully consolidate Nowhere into the company. It also said that Tomoaki Nagao, best known by the name Nigo, will serve as a creative director of Nowhere for an “initial period of two years”. The statement said he will oversee product design, brand direction and image development.” Via WWD.
Last we heard, Bape was making around 60 Million USD revenue a year, therefore the 2.8 million USD pricetag seems extremely low. For now we do not know why the turn-out of this deal is so low, but hopefully we can soon tell you more.