HONG KONG SAR – Media OutReach – October 3, 2023 – Lever Style Corporation (HKEX: 1346, “Lever Style”), acquired clothing company Elegant Team Development (“Elegant”) through an asset purchase . Lever Style is one of the fastest growing apparel production platforms in the world, growing at an industry-leading 51% in 2022 and 64% in 2021.
“Our strategy is to grow organically during strong economic times, acquire other manufacturers and transition them to our asset-light platform business model during tough times,” said Stanley Szeto, Executive Chairman by Lever Style.
After a two-year hiatus during the post-covid rebound, Elegant is Lever Style’s first acquisition since 2021 and the sixth acquisition since the company’s 2019 IPO.
Lever Style brings together smaller companies in the apparel supply chain that will benefit from Lever Style’s scale, progressive management, platform business model and financial strength. Growing scale gives Lever Style more options and resources to better serve existing and newly acquired clients.
Lever Style is already a key apparel production partner for outdoor clothing brands such as Arcteryx, Haglofs and Helly Hansen. Other clients include designer brands such as Paul Smith and Armani; high-end contemporary brands such as Hugo Boss and Theory; streetwear brands like Aimé Léon Dore and Todd Snyder; active/athleisure brands such as Spanx and Vuori; and digitally native brands and platforms such as Bonobos and Stitch Fix.
Elegant is a supply chain solutions provider with particular expertise in outdoor and sportswear, and also offers Lever Style customers the opportunity to produce in Bangladesh.
Elegant produces for trusted brands such as Mammut, Jack Wolfskin, Red Bull and Beretta, among others. With this acquisition, Lever Style strengthens its commercial size and skills in the field of outdoor and sports clothing.
Refer to the HKEX announcement:
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Hashtag: #StyleLever
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