On 17 November 2022, LionRock Capital (“LionRock”) entered into an agreement with Viva China Holdings Limited (“Viva China”), where LionRock conditionally agreed to sell to Viva China the remaining stake in Clarks. The transaction is expected to close by January 2023. After the completion of the transaction, Viva China will become the majority shareholder in Clarks. Clark family will remain as a key shareholder in the business.

In February 2021, LionRock acquired a majority stake in Clarks, the 197-year-old world- renowned British shoe brand. As a result of effective restructuring, financial performance of Clarks has improved significantly. Clarks achieved a global revenue of £920m and profit after tax of £55m for the year ended 29 January 2022, compared to a loss after tax position of £180m for the year ended 30 January 2021.

Daniel Tseung, Founder and Managing Director of LionRock remarked: “Since LionRock Capital’s investment in Clarks, we have successfully turned around the business. It’s been a pleasure working with Viva China and the Clark family in transforming the business and expediting the brand’s growth globally, especially to tap into the China market.”

“We are extremely pleased to see the progress in expanding the company’s global operations and worldwide customer footprint. Our investment has strengthened Clarks’ position as one of the world’s most recognized brands and generated attractive returns for our investors.”