KUALA LUMPUR: LEAP market-listed Carlo Rino Group Bhd (CRG), which yesterday filed its draft prospectus for a transfer of listing to ACE market, said it plans to build an eight-storey flagship store on its land on Jalan Imbi, Kuala Lumpur with the monies raised from its initial public offering (IPO).
CRG's IPO on ACE market will consist of an initial public offering of 171.86 million new shares and offer for sale of 87.98 million shares.
The monies raised will be used for the construction and fitting-out of an up to 8-storey commercial building on 9,174.5 square feet land on Jalan Imbi, KL.
Besides that CRG also plans to use funds raised to enhance existing boutiques and department store counters to enhance customer attraction and sales, expanding internationally through online e-commerce platforms, and improving its information technology infrastructure.
Carlo Rino is in the business of designing, promoting, marketing, distributing and retailing of women's handbags, footwear and accessories; property development and property investment; investment holdings of securities; and provision of management services.
CRG manages and operates 36 boutiques in shopping malls and five boutiques at premium outlets in Malaysia to promote and retail our products.
It consigns its Carlo Rino range of women's handbags, footwear and selected accessories to 82 departmental store counters in AEON, Parkson, SOGO, GAMA, Pacific Group, Isetan and The Store, across Malaysia.
It also promotes and sells its products on Carlo Rino Online Store (www.carlorino.net), which is accessible worldwide, and various other third-party ecommerce marketplaces such as Zalora, Lazada, Shopee, and TikTok Shop in Malaysia.
The brands it carries are Carlo Rino and C.Rino (for eyewear only), targeted at young female working adults between the age of 18 and 35 years old.