“Hong Kong-based I.T Ltd said Tuesday it has bought 90 percent of Nowhere Co., the corporate parent of Japanese street label A Bathing Ape, known as Bape, for 230 million Japanese yen, or $2.8 million at current exchange rates.
I.T said it plans to fully consolidate Nowhere into the company. It
also said that Tomoaki Nagao, best known by the name Nigo, will serve as a creative director of Nowhere for an “initial period of two years”. The statement said he will oversee product design, brand direction and image development.” Via WWD.
How do you feel about this? Bape had a revenue of about 60 million usd, so the selling price 2.8 million usd seems strange. What is Nigo planning?