(Yicai) March 27 -- Chinese fashion brand Saint Angelo Holdings said it has invested EUR50.8 million (USD54.8 million) to acquire the intellectual property rights outside Europe of US outdoor brand Woolrich, marking a crucial step in its global expansion.

The acquisition aligns with Saint Angelo's core focus on apparel and its multi-brand development strategy, further diversifying its brand portfolio, the Shanghai-based company announced today.

Saint Angelo will leverage synergies in customer resources, distribution channels, and supply chains to accelerate Woolrich's growth, it noted. It aims to drive sustainable, high-quality expansion while utilizing the brand's global influence to advance the internationalization of its other labels, it added.

The move is Saint Angelo's second foray into outdoor apparel after obtaining the IP rights of French outdoor brand Lafuma in 2016. However, this partnership is set to conclude by the end of next year.

Established in 2001, Saint Angelo focuses on suits, trousers, shirts, and jackets. It also holds the IP rights for Hazzys and other brands.

Woolrich, founded in 1830 in Pennsylvania, is renowned for premium wool products and has expanded into hunting gear, ski apparel, and other outdoor categories. Its products are priced from USD290 to USD1,000, positioning it as a mid-to-high-end brand.

Around 75 percent to 80 percent of Woolrich's revenue comes from the European market.

Editor: Martin Kadiev