In acquiring major stakes in children’s education companies, Semir initiated a strategic shift to broaden its mission from being a marketer of children’s wear to becoming a one-stop provider of children’s clothing, education, entertainment and other services.
The company is buying a controlling interest in FasTracKids China, a specialist in early childhood education. The move follows other acquisitions that respond to the slowdown
in the Chinese apparel market overall and position Semir to reach affluent consumers.
Semir sells fashionable clothing for children and teens under the Balabala brand, at over 3,500 stores in China. The company was listed on the Shenzhen Stock Exchange in 2011.
For the first half of 2014, net income of Zhejiang Semir Garment Company, Ltd. rose 21 percent to $56 million on an 8 percent revenue rise to $471 million. For the full year 2013, net income rose 22 percent to $147 million on revenue of $1.2 billion, a 6 percent gain.