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Bloomberg quoted sources on Tuesday as saying China's textile conglomerate Shandong Ruyi last week raised as much as $ 2 billion in acquisition of LYCRA Lycra, a fiber fabricator. On October 28, Shandong Ruyi Group issued a public announcement announcing that Shandong Ruyi Investment Holding Shandong Ruyi Investment Holding acquired INVISTA's Apparel & Advanced Textiles business. The parties did not disclose the specific amount of the transaction and the transaction was closed in the middle of next year. INVISTA is part of Koch Industries Inc., controlled by billionaire Charles Koch and David Koch brothers. Shandong Ruyi's acquisition of INVISTA business as one of the three core businesses, including LYCRA Lycra brand fibers, LYCRA HyFit brand fibers, etc., in addition to products, Shandong Ruyi Group also acquired the business-related R & D, manufacturing, sales and about 3000 Employee. Shandong Ruyi is currently the most active textile industry company in the Chinese market. The company has successively acquired the control of the SMCP SAS (SMCP.PA), a French fashion group, and the British brand Aquascutum, which have acquired the three luxury clothing brands Maje, Sandro and Claudie Pierlot. Lion, is currently in talks with Trinity Ltd. (0891.HK), a state-owned menswear group, in Hong Kong for controlling shares.
October 09, 2023