Naked Brand, which is known for its intimate apparel and swimwear, is acquiring Cenntro Automotive. In January, Naked became a meme stock after the special traders made it go jump above $3 in an all-time-high position. Since then, it has been lower than $1. In November 2013, the production line of the company SITL was opened in Lyon. During this period, American companies have been acquiring French firms. In response, Cenntro Motors, a manufacturer of electric vehicles, has decided to invest 15 million euros to acquire the company SITL. In November 2013, the production line of the company SITL in Lyon was taken over by the American company Cenntro Motors. This would be the last opportunity to save the jobs of 400 workers at the site.
In the summer, Justin Davis-Rice announced that he would sell the company’s underwear divisions to a larger firm. Peter Wang, the chairman, and CEO of Cenntro, said that the company’s draft S-1 was submitted to the US Securities and Exchange Commission in preparation for its IPO. Beyond capital, the company was able to gain a loyal and enthusiastic following among its shareholders, such as the Naked Army. Cenntro, a distributor of commercial vehicles, has produced over 3,300 vehicles so far. Upon the merger’s completion, Naked will sell its FOH business to Cenntro. The majority of its board members will be chosen by Cenntro.