Hong Kong-listed Viva China, a major shareholder of Li Ning, is closer to taking control of British shoemaker Clarks after the company’s extraordinary general meeting approved the acquisition plan. 

Earlier this year, Viva China said it was in discussions with LionRock and intended to acquire a majority of the outstanding equity interests in Clarks by acquiring 51 per cent of the outstanding equity interests in the LionRock Capital Partners QiLe for US$62 million. 

The move is part of Viva’s strategy to expand its portfolio of apparel and footwear brands after buying Hong Kong fashion label Bossini and Italian luxury brand Amedeo Testoni. 

Founded in 1825, the British retailer was majority owned by the Clark family, who then lost overall control of the brand to LionRock Capital through a US$121 million deal in 2020.