Fashion retailer Esprit Holdings will buy the 51 percent stake it does not already own in a retail joint venture with China Resources Enterprise for HK$3.88 billion ($500.6 million), according to a Hong Kong stock exchange filing.
The deal will see Espirit take full control of the 10-year-old venture as it embarks on an expansion drive in China. For China Resources, selling the stake will allow it to focus on its core businesses, which include supermarkets, beer production, food processing and food distribution.
