Chinese menswear brand Septwolves on Tuesday announced that it has purchased the permanent distribution rights of world's famous fashion brand Karl Lagerfeld in China at 320 million yuan.

Fujian-based Septwolves will purchase some 80 percent of the stock rights in Karl Lagerfeld Greater China Holdings, which owns the distribution rights in China.

The Chinese company said in a statement to the Shanghai Stock Exchange that consumers want to express their individuality through unique designs as disposable income and consumption rise.

“As the strongest IP [intellectual property] in fashion industry, Karl Lagerfeld sets its target on entry-level luxury market and it has a complete production line and good brand extensibility,” the company noted.

Septwolves has been seeking ways to make its brand more attractive to younger consumers. In 2011, it spent 70 million yuan to purchase a Hangzhou-based company that was the sole agency for several international fashion brands, including Canali, Versace, and Georg Jenson.

Karl Lagerfeld was founded by German fashion tycoon Karl Lagerfeld in 1984. It entered the Chinese market in 2013, and has hence been managing six direct-sale stores and one outlet, none of which are profitable.