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China's Guirenniao to buy PRINCE Sports trademark rights

Chinese sportswear company Guirenniao Co. Ltd. plans to acquire the trademark rights to PRINCE Sports LLC in Greater China and South Korea for $20 million, according to a Sept. 29 Shanghai Stock Exchange filing.

Atlanta-based PRINCE, which makes tennis rackets and apparel used by many professional athletes, filed for bankruptcy in 2012 before it was bought by Authentic Brand Group.

Following the transaction, Guirenniao will become PRINCE's global nominated supplier, making it permanently entitled to use its intellectual properties and technologies.

Guirenniao plans to expand PRINCE's exposure in first- and second-tier cities in China, targeting the mid- to high-end market.