On September 21, 2018, Luen Thai Holdings Limited (HKSX: 0311.HK) entered into an agreement to acquire 100% interest of Universal Elite Holdings Limited (“Universal Group”). The acquisition is subject to customary conditions to closing.
Founded in 1972 and headquartered in Hong Kong, Universal Group is engaged in the manufacturing of handbags and small leather goods (“SLG”) in the affordable luxury market. Universal Group has facilities in Myanmar, Thailand and China, with over 10,000 employees.
Combining Luen Thai’s accessories division with Universal Group, Luen Thai accessories division will become one of the leading manufacturers in the handbags/SLG market with 30,000 employees. Luen Thai will be the only handbags/SLG manufacturer with production facilities in four GSP countries (duty-free to USA/EU), namely, Cambodia, Myanmar, Philippines and Thailand.
“On behalf of the Board and management team of Luen Thai, we welcome the joining of Universal Group and its team to our Luen Thai family”, said Raymond Tan, CEO of Luen Thai, “With Universal Group, Luen Thai can be further strengthened in our capability of product development and gain two important GSP countries manufacturing capacity offering additional duty-free benefit to our strategic customers.”
Universal Group will continue to be led by Eric Chu, President of Universal Group, operated as a Strategic Business Unit (“SBU”) under Luen Thai. “I am very excited to join the Luen Thai family and I am confident that Universal Group can be further elevated to the next level with the support of Luen Thai in finance, human resources and technology”, Eric said.
About Luen Thai
Luen Thai is one of the leading fashion and lifestyle apparel and accessories manufacturers in the world. Combining with Universal Group, Luen Thai will have over 50,000 employees with manufacturing facilities in 7 countries (Cambodia, China, Indonesia, Myanmar, Philippines, Thailand and Vietnam)