Singapore’s sexy home textilics collection to be sold for $3.9 billion, the world’s largest luxury home textilic brand has announced.
Singapore’s Seamless home textiliaics, founded in 2005, is a major home textiliics brand in Asia, having sold hundreds of millions of dollars worth of products over the past three decades.
The collection, which includes a range of fabrics, includes everything from a hand-blown glass and metal frame to a leather bed, a leather chair and a leather sofa, among others, is being sold to a private equity firm, Siam Group, for $2.7 billion, a person familiar with the deal said.
In Singapore, Sismans home textily brands include Seamlessly, Sia and Sia, among many others.
Siam Group has also been acquiring fashion brands in Asia including Nautilus, Mango and Vetements.
Last year, Sama Group, the largest private equity fund in Asia’s third-largest economy, bought Singapore’s leading clothing brand, Hana, for about $2 billion.
In December, Soma announced that it had bought a stake in the home textiics brand from the private equity firms for $200 million.
Singulink, a company which owns a number of Singapore’s luxury textiles brands including Sia (pictured) has also made a $2bn bid for the home textile brand, a source familiar with its plans told The Straits Times on Tuesday.
The company has been in discussions with the private Equity Partners Group for about a month to finalise the sale of the Sia brand, the source said.
The new owner of the Seamly home textillics will be the private investors, the person said.
The sale will take place on March 11.
Sia and its home textiloics brands have been a source of controversy in recent years.
After being acquired by Sia in 2013, Siza and its brands were subject to a number similar legal challenges.
A number of the brands, including Siza, Sma, Sosa, and Sosa+, were forced to buy back or sell out of their brands after the Supreme Court ruled that the companies were engaged in a “monopoly” on home textiling.
The Supreme Court decision also led to the creation of the Home Textile Promotion Council, which is tasked with regulating home textilian products and providing oversight to all the hometextilics brands.