KBS Fashion Group Announces Strategic Partnership
The stock of KBS Fashion closed at $3.77 per share today, up 3 percent.
NEW YORK - KBS Fashion Group Ltd. (Nasdaq: KBSF) announced today it formed a long-term strategic partnership with Hangzhou Yiyuan Apparel Co. Ltd. in which a unit of the company will supply Yiyuan with 100,000 down jackets each year.
Under terms of the deal, a subsidiary of KBS, Anhui Kaixin, would produce the jackets in a deal valued annually at 6 million yuan ($873,810). The production agreement, KBS said, would begin immediately.
The stock of KBS Fashion jumped to $4.30 per share in morning trading but settled during the day, closing at $3.77 per share, up 3 percent.
KBS, based in Shishi, manufactures and sells casual fashion for men between the ages of 25 and 35. The company operates one company-owned store and has a network of 38 franchised stores.
Yi Yuan is one of China's leading wholesale and retail brand in men's down jackets.