Private equity firm CVC has bagged an investment in Japanese streetwear brand A Bathing Ape, also known as BAPE, where it will have co-control over the company.
With plans to bolster the brand’s expansion, CVC will look to grow BAPE’s presence in Europe, the US and China.
With the rise in popularity of online shopping amid the pandemic, CVC is looking to up BAPE’s online offering as part of its planned growth.
“I take great pride in the success of the brand to date, which has been thanks to the commitment of our leadership and staff,” I.T Limited CEO and co-founder, Sham Kar Wai, said.
“CVC is the right partner to support the transformation of BAPE as we focus on our long-term growth.”
The brand, which began in Tokyo in 1993, has rocketed in popularity thanks to celebrities like Pharrell Williams and Drake.
April saw I.T. Limited be privatised and is now owned by its founder Sham Kar Wai. I.T’s shareholder meeting last month overwhelmingly approved of the arrangement.