GRI buys leisure wear line

GRI buys leisure wear line

SINGAPORE (Reuter): Indonesia's PT Great River International (GRI) said yesterday its unit Apparel World of Singapore bought a leisure wear line from Ossia International.

It said in a statement the acquisition of the GFF Gianfranco Ferre line and the takeover of a boutique in Singapore shopping district Orchard Road cost Apparel World, which is its distribution and retailing arm, Singapore $1.6 million.

It planned to open three shops a year in Singapore over the next three years, or a total of nine shops.

Each shop was estimated to cost S$1 million, with the total cost being around S$9 million, it said.

The group already has marketing rights for Gianfranco Ferre and the GFF line in Indonesia and Malaysia, it said.

Industry sources told Reuters Ossia was divesting the line because of plans to concentrate on sports wear and merchandise.