Textiles retailer Elbe Textiles, a leading maker of jeans and accessories, recently announced that it had raised $100 million in Series A financing led by its Chinese subsidiary, Dalian Wanda Group.
The round was led by Chinese investors Wanda Investment Group, which had raised more than $200 million in 2016.
The company plans to double the amount of denim it makes and sell it on the world’s biggest Chinese online marketplace.
Its apparel and accessories business, which includes denim, shirts, accessories and other apparel, is the world of choice for the Chinese elite.
But Elbe has been struggling to compete with the Chinese market.
It has struggled to attract new denim-lovers, while other Chinese companies have made inroads into the American market.
The Chinese government has banned all imports of American-made denim in an attempt to boost domestic production.
Wanda invested $10 billion in Elbe, according to a statement.
In 2018, Wanda acquired China’s largest textile maker, the Dalian Textile Group, for $15 billion.
Elbe also has a foothold in the clothing industry, as well as in consumer electronics, where it has partnered with brands like Samsung, Apple and Huawei.
Elbow Textiles is an independent online apparel store.
Elbee’s latest deal with Wanda comes as it works to build its global network of factories and warehouses that are capable of producing its jeans.
Elba Textiles has been a longtime supplier of denim to Elbe and its American operations, including its denim for the New York Knicks and the Los Angeles Lakers.
Elbeam also has an agreement with American denim brand Levi Strauss and a partnership with the popular online retailer Etsy.