CHIP COLLINS is a family name synonymous with high-quality quality fashion, with the brand’s founder Chip Chen being its first CEO.
But that is changing.
In 2017, Chip announced a $15 IPO price, bringing the stock’s market value to $25 billion, according to FactSet data.
The stock rose to $17.72 on Monday and is now up about 8.5% on its peak.
Its price increase comes amid a global slowdown in apparel sales, with some analysts predicting that China will surpass the U.S. for apparel sales this year.
While China’s economy has been in free fall for more than two years, its textile industry has grown rapidly, which means it will be more expensive to produce garments in China than in the U-S.
The company, whose logo is a smiling dog, has a wide range of products, from jeans and T-shirts to jackets, dresses and skirts.
It has a presence in a number of countries, including China and India, and has a retail store in Hong Kong.CEO Chen was also the founder of the Chinese fashion chain Chiang Mai and the designer of a line of pants, which has been a hit in Asia and Europe.
Chip said in a statement that he expects to continue to operate the business under a wholly-owned subsidiary in the Philippines.
“We will continue to do what we’ve always done in Chiang Kai-Shek and Chiang-Li, where we will continue producing high-fashion apparel in the United States, China and the Philippines,” he said.
Chip was previously the CEO of Chiangaiyin and the founder and CEO of Wanda Group, a global apparel and technology company.
He also led a global design company that was acquired by fashion house Gucci.
He left his post as CEO in November 2017.