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Breaking News: Hong Kong's I.T Buys 90% Of A Bathing Ape For $2.8 Million

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As most of Asia arrives at Tuesday afternoon, Hong Kong's fashion group I.T made a surprising announcement its purchase of NOWHERE Corp., parent company of street wear label A Bathing Ape, or better known as BAPE. With the purchase, priced at 230 million Japanese yen, or roughly $2.8 million dollars, I.T will receive 90% stake of the company. The fashion group is planning to absorb NOWHERE and BAPE into its already extensive brand portfolio. The company's press release also stipulated that NOWHERE's founder, Tomoaki Nagao, also known as NIGO, will stay on as creative director for the first 2 years to oversee the transition.

While it was no surprise to some regarding BAPE's sale since rumors have been circulating for a few years now. The price that I.T paid, a mere $2.8 million dollars, for a global brand movement, surprised most. For a complete press announcement, continue on reading after the jump.

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.

Music impresario Nigo founded Nowhere and incorporated it in 1995.

"We are delighted about this acquisition of Nowhere, which owns of some of the most sought-after brands in street wear fashion. We believe that this acquisition will broaden the brand portfolio of our Group and increase our market share in the street wear fashion in Greater China. It will also help position us better in tapping into the international market," Sham Kar Wai, I.T chairman and chief executive, said in a regulatory statement via the Hong Kong stock exchange.

I.T is Bape's distributor for Greater China. Most recently, I.T dedicated the lower level of its new I.T Beijing Market store, developed in tandem with Comme des Garcons, to a Bape boutique.

via: WWD