Esprit buys Red Earth

Esprit Holdings has completed the acquisition of 60.78 per cent of Red Earth International Holdings (REI) for $7.8 million.

It also announced it had become a majority shareholder in Red Earth Holdings (REA) by increasing its stake from 20 per cent to 95 per cent at a further cost of $7.8 million.

REA is the holding company for Red Earth in Australia and New Zealand.

Michael Ying, Esprit chairman said: 'By becoming the majority shareholder of REI and REA, Esprit now effectively controls the Red Earth brand name and the REA distribution network.

'The acquisition enables us to consolidate the operations of the Red Earth business.'