BAPE SOLD

As most of Asia arrives at Tuesday afternoon, Hong Kong’s fashion group I.T made a surprising announcement – its purchase of NOWHERE Corp., parent company of street wear label A Bathing Ape, or better known as BAPE. With the purchase, priced at 230 million Japanese yen, or roughly $2.8 million dollars, I.T will receive 90% stake of the company. The fashion group is planning to absorb NOWHERE and BAPE into its already extensive brand portfolio. The company’s press release also stipulated that NOWHERE’s founder, Tomoaki Nagao, also known as NIGO, will stay on as creative director for the first 2 years to oversee the transition.

While it was no surprise to some regarding BAPE’s sale since rumors have been circulating for a few years now. The price that I.T paid, a mere $2.8 million dollars, for a global brand movement, surprised most.