Trinity plans HK$889m share offering for expansion
Trinity, the menswear retailer controlled by the parent of Li & Fung, plans to raise up to HK$889 million and open 50 shops on the mainland next year in an effort to increase its market share.
Sunny Wong Yat-ming, the managing director at Trinity, said yesterday it would consider buying menswear brands such as Leo from its parent firm. He said Trinity would have 50 more shops on the mainland by next year in addition to the 271 stores it had now.
The company said sales in the third quarter had increased 13.9 per cent and its overall mainland business had grown 14.7 percent.
Trinity, privately held by the Fung family and headed by Li & Fung chairman Victor Fung Kwok-king, is offering 452 million shares at an indicative price range of HK$1.30 to HK$1.71. The amount of shares to be sold represents a 30 per cent stake in the company.
The new shares are due to be traded in Hong Kong on November 3.