August 21, 2012 / 2:01 AM / 5 years ago

KKR acquires 40 pct of China fashion retailer-source

HONG KONG, Aug 21 (Reuters) - KKR & Co L.P. has acquired around 40 percent of privately held China fashion retailer Novo Holdco Ltd for about $30 million, a person familiar with the matter told Reuters on Tuesday.

KKR’s investment will be used to triple the number of stores run by Novo, a retailer focused on China’s urban youth demographic, said the source, who declined to be named as details of the deal were private.

In a statement, KKR confirmed it had invested in Novo but did not give any financial details.

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