KKR acquires 40 pct of China fashion retailer-source

HONG KONG Aug 21 (Reuters) - KKR & Co L.P. has acquired around 40 percent of privately held China fashion retailer Novo Holdco Ltd for about $30 million, a person familiar with the matter told Reuters on Tuesday.

KKR's investment will be used to triple the number of stores run by Novo, a retailer focused on China's urban youth demographic, said the source, who declined to be named as details of the deal were private.

In a statement, KKR confirmed it had invested in Novo but did not give any financial details.