Smart Shirts and Sunrise Textile – merger announcement
Source: Smart Shirts Ltd Date: 2011-05-30
The Smart Shirts Ltd group of companies, which includes Smart Apparel U.S., has merged with Sunrise Textile Group according to Mr. Li Rucheng, Youngor Group Chairman. Smart Shirts and Sunrise are both Hong Kong based subsidiaries of the $5 billion in sales Youngor Group, headquartered in Ningbo, China.
Smart Shirts Ltd -- already a vertically integrated apparel operation as part of the Youngor Group -- will be able to operate much more effectively and seamlessly as a result of the merger with Sunrise Textile Group.
In addition to his current role, Mr. Xu Lei, CEO of Sunrise Textile Group, will become the Managing Director of Smart Shirts Ltd. Mr. Frank Xu, the current Managing Director of Smart Shirts Ltd will be returning to the Youngor Group in Ningbo as Managing Director of Youngor Brand Retail Company and President of Youngor Group to oversee and develop the retail business of Youngor branded products in China and overseas.
"By becoming one larger organization instead of two related operating groups, we will become a stronger, more powerful competitor in the international marketplace. The new group will be one of the largest textile and apparel companies in the world that is truly vertical and global, from cotton farming in XinJiang to the marketing and distribution of garments in the United States. Additionally, we operate more than 15 sewing factories and fabric mills throughout Asia and employ more than 25,000 worldwide," said Xu Lei. Plans call for keeping employment at the pre-merger levels at both companies.
Robert C. Skinner, Jr., CEO of Smart Apparel U.S., said, "We are very pleased to be part of this newly combined organization. This merger provides Smart Apparel U.S. with the opportunity to even better serve our customers by creating a synergy to deliver greater design capability, enhanced speed-to-market, and more compelling products." Smart Apparel U.S. is based in New York City.
Youngor Group Ltd is a diversified conglomerate, which is engaged in three major businesses, namely, the manufacturing and retailing of its own Youngor brand apparel, property development, and investment holdings. Its Youngor brand men's shirt was ranked first for 13 consecutive years while its Youngor brand men's suit was ranked first for eight consecutive years in the PRC market.
