Shandong Ruyi buys Invista’s Apparel & Advanced Textiles business
today Jan 31, 2019
China’s Shandong Ruyi is continuing its relentless growth-through-acquisition strategy with the textile and apparel conglomerate saying it has finally completed its acquisition of Invista’s Apparel & Advanced Textiles business. The transaction was originally agreed on as far back as October 2017 and includes all associated assets and contracts.
The new business will operate as The Lycra Company, an independent subsidiary. As well as Lycra and its various other Lycra-linked products, the deal also includes Coolmax, Thermolite Elaspan, Supplex, Tactel and Terathane.
Lycra Company CEO Dave Trerotola said the business he runs and Shandong Ruyi share a vision of a “commitment to delivering high-quality products, technical expertise, and unmatched marketing support.”
He added that the new owner’s textile and retail experience “will be a tremendous asset as we develop differentiated fibres.”
The company is now a fully operational subsidiary of Ruyi Group, with significant operations in various countries, including the UK and the Netherlands. The transaction also includes eight manufacturing facilities, four research and development labs, 17 offices in 14 countries and around 3,000 employees. Management and current staff will all stay in their roles.
The Ruyi Group’s other investments include Aquascutum, Bally, Sandro, Maje, and Claudie Pierlot and around a year ago it said it wants to be the ‘LVMH of China’.
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