U-Right
 | |
| Company type | Listed company |
|---|---|
| Industry | Fashion retailing |
| Founded | 1983 |
| Founder | Mr. Leung Ngok |
| Defunct | 2008 |
| Headquarters | Hong Kong |
Area served | Mainland China Hong Kong Saudi Arabia |
Key people | Former chairman: Mr. Leung Ngok |
Number of employees | 400 (2008) |
| Website | Provisional Liquidators of U-Right International Holdings Limited |
U-Right International Holdings Limited (Chinese: 佑威國際控股有限公司) (SEHK: 627), or U-Right (Chinese: 佑威), was a garment distributor and retailer headquartered in Hong Kong. It offered men's and ladies' casual wear under the brand name of U-Right through retail outlets and distribution points.[1] It utilized and licensed the Swedish Texcote technology, which is a material processing technology based on the principles of nano-technology. It also had its own production base in Shunde and Shenzhen of Guangdong to develop its nano-technology products.[2]
History
[edit]U-Right was founded by Mr. Leung Ngok in Hong Kong in 1983 and Mr. Leung served as the company chairman until 2008.[3]
U-Right had acquired the Texcote Technology from Swedish scientists. This specific textile was water repellent, dirt resistant and carried environmental properties. Its subsidiary U-Right Nano Textile (China) Ltd. produced Texcote-built products for other clothing companies.[4] U-Right launched Texcote-based products in 2002. Nano-coating clothes only increased production cost by 3%, yet the profit margin of nano-coated products was 50% higher.[5] In 2003, the company announced exceptional results thanks to its nano-coated solutions[6] and invested $50 million in a new nano-technology plant in mainland China to accelerate its Texcote-based production.[7] In 2006, the company announced it could nano-coat a million items a month thanks to its increased production capacity.[8]
From 2005 to 2007, in Hong Kong alone, the company store count went from 18 to 65. In mainland China, in 2007, U-Right owned 40 stores and 360 franchise stores. U-Right launched the stores Sevendays which carry top-tier fashion products (4 stores in 2007), and the high-end fashion brand Pezzx (2 stores in 2007). In 2007, U-Right started to sell brands others than their homemade brands.[9]
In 2008, U-Right was liquidated by Deutsche Bank, its creditor, as HK$1.3 billion debts was disabled to pay back. And provisional liquidator took over U-Right. Retail stores were closed down and 160 employees were laid off.[10][11] Mr. Leung, U-Right's former chairman, was also declared bankrupt by the Hong Kong High Court.[12] Its shares still suspended trading until further notice.[13]
References
[edit]- ^ U-Right International Holdings Ltd[dead link]
- ^ U-Right on $50m China splurge
- ^ Leung Ngok[dead link]
- ^ Borneman, Jim (2003-12-01). "U-Right Signs Various Partnership Agreements | Textile World Asia". Retrieved 2024-03-15.
- ^ "Hi-tech clothing fattens margin". South China Morning Post. 2002-04-02. Retrieved 2024-03-15.
- ^ "U-Right doubles profits through nanotechnology". South China Morning Post. 2003-11-26. Retrieved 2024-03-15.
- ^ "HONG KONG: U-Right Spends $50m On Chinese Nanotechnology Plant". Just Style. 2003-10-01. Retrieved 2024-03-15.
- ^ Cheng, Danny (October 2006). "Strong growth in China nanocoating for U-Right" (PDF). Smart Textiles and Technologies. Retrieved 15 March 2024.
- ^ "U-Right to retail mainland fashion brand in HK outlets". South China Morning Post. 2007-01-15. Retrieved 2024-03-15.
- ^ U-right went into liquidation, cut 160 jobs
- ^ Listed company U-right international liquidation
- ^ Leung Ngok, Chairman of U-right, bankrupt
- ^ Petitions for Winding Up Appointments of Provisional Liquidators
External links
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