A Bathing Ape
CVC Capital Partners and Sham Kar Wai (co-owners) · Japan
A Bathing Ape, or BAPE, is a streetwear brand founded by Nigo in Tokyo's Ura-Harajuku district in 1993. It was sold to Hong Kong's I.T Group in 2011 and, after I.T went private, private equity firm CVC invested in 2021 and now co-controls the brand with I.T co-founder Sham Kar Wai. BAPE helped to define Japanese streetwear and its global spread.
| Founded | 1993, Ura-Harajuku, Tokyo |
|---|---|
| Founder | Nigo |
| Owners | CVC Capital Partners and Sham Kar Wai |
| Headquarters | Hong Kong |
| Previous owner | I.T Group (from 2011) |
| Sub-lines | AAPE, BAPE Kids, BAPE Black |
| Website | bape.com |
What is A Bathing Ape?
A Bathing Ape (BAPE) is a streetwear label known for its ape head logo, bold camouflage, shark hoodies and Bapesta sneakers. Its family of lines has included AAPE, BAPE Kids, BAPE Black and Mr Bathing Ape. The brand was a central force in the Ura-Harajuku scene of the 1990s and became a status symbol in hip hop culture in the 2000s.
History
Nigo (Tomoaki Nagao) founded the brand in Tokyo in 1993. In February 2011 Hong Kong fashion retailer I.T Group bought a 90.27 per cent stake for about 2.8 million US dollars. Nigo stayed on as creative director for around two years and left in 2013. After I.T Limited went private, BAPE was separated from its parent, and in June 2021 FashionUnited, citing The Business of Fashion, reported that CVC had completed an investment that gave it co-control alongside I.T co-founder Sham Kar Wai. Later reports said CVC holds 50 per cent and has considered options including a listing or a sale; no transaction had been confirmed in the sources reviewed.
Products and positioning
BAPE sits in the premium streetwear segment. Its key product signatures include:
- Camouflage patterns incorporating the ape head
- Full-zip shark hoodies
- Bapesta sneakers
- Collaborations with Marvel, Nintendo, Sanrio, Coca-Cola, Pepsi and Disney
Business model and distribution
The brand sells mainly through its own stores and e-commerce. Wikipedia lists 19 stores in Japan, including BAPE Stores, BAPE Kids stores and Bapexclusive locations in Aoyama and Kyoto, plus stores in Hong Kong, Taipei, Beijing and other cities. CVC said at the time of its investment that it planned to expand the brand in China, the United States and Europe.
Why it matters
BAPE is a reference point for how Japanese streetwear went global and for how private equity values cult brands. Its ownership history, from founder to Hong Kong retailer to private equity, mirrors the wider professionalisation of streetwear as an asset class.
Frequently asked questions
Who owns BAPE?
BAPE is co-controlled by private equity firm CVC and Sham Kar Wai, co-founder of Hong Kong retailer I.T Limited. CVC completed its investment in 2021 after I.T, which bought the brand from founder Nigo in 2011, went private.
Is Nigo still involved with BAPE?
No. Nigo founded BAPE in 1993, stayed as creative director for about two years after the 2011 sale and left in 2013. He has since founded Human Made and became artistic director of Kenzo in 2021.