Chinese textile giant buys Swiss luxury brand Bally amid global shopping spree
Bally derives a majority of its revenues from Asia, and the China market accounted for about half of the firm’s revenues.
Mainland Chinese textile and apparel producer Shandong Ruyi Group has bought a controlling stake in Bally International AG, the 167-year-old Swiss luxury brand, its latest buy in a global shopping spree where it has picked up French fashion group SMCP and British trench coat maker Aquascutum.
Ruyi, based in eastern Shandong province, has signed definitive agreements to buy a majority stake in Bally from its parent JAB Holding, JAB, which will retain a minority interest, said in a statement on Friday.
The deal came at a time of “strong, continuous” growth for Bally’s business, notably in Asia, it added.
Bally derives a majority of its revenues from Asia, and the China market accounted for about half of the firm’s global revenues.
“This is an important milestone for Shandong Ruyi Group … to become a global leader in the fashion apparel sector,” said Ruyi chairman Yafu Qiu in the statement. He said the acquisition of Bally would help strengthen the Chinese firm’s ready-to-wear apparel business.
Bally CEO Frédéric de Narp said Ruyi’s investment could help accelerate the Swiss brand’s growth in key segments and territories.
This is an important milestone for Shandong Ruyi Group … to become a global leader in the fashion apparel sector
