Chinese textile and fashion group Shandong Ruyi has extended its global buying spree on Friday 9th February to ink a deal for a controlling stake in Swiss luxury shoes and leather company Bally. Ruyi, based in a predominantly rural area of Shandong province in northern China, has taken a majority stake in Bally adding it to its rapidly growing portfolio of global brands, including the UK suitmaker Gieves & Hawkes, UK clothing maker Aquascutum, Paris-based fashion group SMCP and Italy’s Cerruti 1881.
Rumours abounded at the beginning of the week that the Chinese group was interested in the Arcadia group but these rumours have been discounted by the group owned by Sir Philip Green (includes Top Shop, Dorothy Perkins, Burton, Wallis and Evans) despite falling sales and poor performance on the high street.
Shandong Ruyi’s ambitions are not limited to ready-to-wear high profile names but at the end of last October they entered into a definitive agreement with American corporation, INVISTA, to sell INVISTA’s Apparel & Advanced Textiles business, one of INVISTA’s four major business units.
