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Peggy Sito

The owner of Byford, the British men's underwear brand, will use a Hong Kong listing to expand into the Asian market.

Byford International, owned by Malaysian Chinese businessman Chai Sing Hong, hopes to raise about $30 million through a Growth Enterprise Market listing on June 18.

Mr Chai, who paid about $19 million to acquire the brand from textile firm Coats Viyella in May 2001, said Hong Kong's well-established financial status had prompted his company to set up a regional headquarters in Hong Kong.

The listing would help the company build its brand recognition and procurement business in Greater China and the rest of the region.

Byford International, as the global licensor of the Byford brand, receives royalty fees from 10 licensees who have distribution businesses in more than 30 markets including Hong Kong, Singapore, Britain and Greater China.

Mr Chai said the company itself distributed its underwear products in Malaysia and Singapore.

Last year, it diversified into the procurement business to source goods for its underwear licensees.

The procurement unit sourced goods for its Malaysian and Singaporean distribution divisions, while two licensees also procured goods for the company.

Other licensees had their own sourcing channels but product quality had to meet the requirements of the licensing agreements, Mr Chai said.

He hoped the procurement business could be a new earnings driver for the company.

Last year, Byford International posted a net profit of $390,000 after writing off a loss from its discontinued children's clothes business. Stripping out the discontinued operation, Mr Chai said the Byford underwear business recorded a profit of nearly $1.9 million last year.



Byford to use HK listing as springboard into Asia