(Yicai Global) Aug. 13 -- Shangying Global's plan to buy US fashion house Vince Camuto has unraveled as the parties failed to agree on price, payment means and other key matters, the Chinese firm announced Aug. 10. Its statement triggered an automatic suspension of its shares' [SH:600146] trading today, per bourse rules.
The company decided to halt the acquisition after weighing different views, advice and the market environment, the Shanghai-based international fashion brand operator said.
Shangying Global announced its intent in mid-June to buy the operating assets of the New York-based target via a share issue or for cash, though the scale of these assets was undetermined. Vince Camuto's core business is production, processing and sales of women's clothing, footwear and handbags.
Shangying Global which formed in 1996, was initially named Ningxia Dayuan Chemical, but changed its name in August 2015. Originally a plastics producer, it has repositioned itself in recent years in the international women's fashion and new consumer sectors.
Editor: Ben Armour