UBM Asia has signed a binding agreement with NOVO Mania Limited, the organizer of NOVOMANIA, to acquire the annual urban fashion event in Shanghai.
Upon completion, UBM will own 60% of a joint venture company, with NOVO Mania Limited, called UBM Novomania, to organize NOVOMANIA from 2013 onwards.
Financial terms of the deal have not been disclosed.
NOVOMANIA was launched in 2010 as an annual urban fashion event by the NOVO group of companies, a retailing and fashion conglomerate based in Hong Kong that operates and distributes over 50 international brands and has stores across 45 cities in China, and one of its partners, Focus Workshop, an innovative full service agency in China with expertise in luxury brands in beauty and wellness, fashion, real estate and FMCG. By bringing together designers, brands, buyers, distributors, retailers, franchisees, department stores, mall operators, real estate developers and the media, it creates a platform for introducing retail concepts to international brands which are seeking to enter the China market and for providing new business opportunities for domestic brands.
This year, Novomania will be held from July 17 – 19 at Shanghai Mart.