Shearman & Sterling advises on the largest ever outbound investment by a Chinese company in the garment industry

Hong Kong, 7 November 2007 - Shearman & Sterling LLP has advised Kellwood Company (NYSE:KWD) on the sale of its Smart Shirts manufacturing operations to Youngor Group Co. Ltd, one of China's largest fabric manufacturers, for approximately US$120 million in cash. This is the largest outbound investment made by a Chinese company in the garment industry to date.

The transaction is expected to close by the end of the fiscal year 2007 and is subject to a number of customary closing conditions, including regulatory approvals.

Paul Strecker, M&A Partner at Shearman & Sterling in Hong Kong, led the team, working with associates Shirley Lo, Fang Xue, and Stella Zheng in
Hong Kong, Crystal Liang in Beijing and Partner Laurence Crouch and associate Anthony Epperts in Menlo Park. Paul Strecker said "We are delighted to act for Kellwood on this deal which represents Shearman & Sterling's continued strength in working with US and Chinese companies on
landmark China outbound investment opportunities."
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