PRG's Furniweb to distribute luxury apparel

PETALING JAYA: PRG Holdings Bhd’s Hong Kong Stock Exchange listed 75% owned subsidiary Furniweb Holdings Ltd is collaborating with Switzerland based luxury goods conglomerate Philipp Plein International Group (PPI) to distribute, promote and sell luxury fashion apparel carried on under PPI’s trade name.
The group said in a Bursa Malaysia filing that, it has entered into a "legally binding" letter of intent with PPI which comprises of Philipp Plein International AG and Plein Sport AG, to act as an authorised dealer for PPI’s products in Singapore, Malaysia and Thailand.
“We are enthusiastic to capture new business opportunities and are strategic about the projects we take on. We believe the association with a famous global apparel brand will bring new elements and dimension to the Group’s profile, potentially broaden the customer base for our existing core business and provide opportunities for growth,” said Furniweb in a statement.
Furniweb is involved in manufacturing of elastic textiles, comprising covered elastic yarn and narrow elastic fabric webbing, furniture and seat belt webbing other products, including rubber tape.
PRG's shares were untraded.