Shandong Ruyi completes LYCRA maker Invista deal
Chinese luxury apparel and textile firm Shandong Ruyi Investment Holding has now finalised its acquisition of Invista’s Apparel & Advanced Textiles business.
The new business will operate as The LYCRA Company, an independent subsidiary, and will continue to manufacture advanced fibre and technology solutions for the apparel industry. The transaction includes all associated assets and contracts.
The LYCRA Company chief executive officer, Dave Trerotola, said: “We are fortunate to be purchased by Ruyi, a company that shares our vision and our commitment to delivering high-quality products. With the continued investment of Ruyi, we look forward to working with our customers to bring exciting innovations to market.”
Since 2016, the Shandong Ruyi Group has acquired several international luxury brands including Aquascutum, Sandro, Maje, and Claudie Pierlot, in its bid to become “the LVMH of China.” It also owns majority stakes in Swiss luxury house Bally, and a controlling stake in the men's wear group Trinity, which owns the 248-year-old British suit maker Gieves & Hawkes and Cerruti 1881.
This latest transaction includes eight manufacturing facilities, four research and development labs, 17 offices located in 14 countries around the world, and approximately 3,000 employees. Current leadership and employees will continue in their roles with the new company.
“We are thrilled to acquire The LYCRA Company and will continue to invest in its innovation pipeline and brands in order to reach our objectives for business growth,” said Yafu Qiu, chairman of the board of Shandong Ruyi Investment Holding.
“As a spandex producer ourselves, we have admired the iconic LYCRA brand for years, and we see the value The LYCRA Company adds to our business. We believe its assets and capabilities are a perfect complement to our own and will help strengthen our position as a world-class, fully-integrated textile company.”
Shandong Ruyi Investment Holding is one of the largest textile manufacturers in China, ranks first among the top 500 textile and apparel companies in China, and ranks among the top 100 Chinese multinational enterprises.