- Vivian Hendriksz |
London - Chinese textile and apparel giant Shandong Ruyi Group has acquired a controlling stake in luxury accessories and footwear label Bally International AG from JAB-Holding, as the company continues to build up its portfolio of fashion brands.
Shandong Ruyi signed an agreement to purchase a majority stake in the Swiss label for an undisclosed sum from its parent company, which is set to retain a minority stake in Bally, said the company in a statement on Friday. The agreement comes as Bally reports “strong, continuous” growth for its business, especially in Asia. China currently accounts for nearly half of the luxury brand’s global revenues, with the majority of its revenues stemming from Asia.
“This is an important milestone for Shandong Ruyi Group in our enterprise to become a global leader in the fashion apparel sector,” said Yafu Qiu, Chairman of Shandong Ruyi Group, in a statement. “We look forward to supporting Bally in achieving its continued growth and enhancing its brand globally.” He added that the new acquisition will help strengthen its ready-to-wear apparel business in China.
Shandong Ruyi has been expanding its network of luxury fashion and accessories brands over the recent years, previously acquiring a majority stake in SMCP, the company behind leading French affordable luxury brands Sandro, Maje and Claudie Pierlot in 2016. In 2017, the Chinese group acquired British heritage label Aquascutum as well as Invest, the owner of Lycra and a subsidiary of Kansas-based Koch Industries as well as menswear group Trinity.
Bally, which was founded in 1851 in Switzerland, has been working hard to increase its annual sales to 1 billion USD dollars under Chief Executive Officer Frederic de Narp. Following the investment from Shandong Ruyi, the Swiss brand is keen to accelerate its growth in key product areas and markets.
Photos: Bally SS18, website