China’s Ruyi Emerges as Leading Bidder for Bally
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Chinese textile producer Shandong Ruyi Group is emerging as leading bidder for Swiss luxury brand Bally International.
In advanced negotiations with Bally’s owner, JAB Holding, the group has been discussing a price of about US$700 million, insiders say.
Ruyi has pulled ahead of other suitors including Club Med owner Fosun International and Chinese apparel maker Fujian Septwolves Industry, and another buyer may yet emerge.
Ruyi agreed in November to buy a controlling stake in Trinity, the owner of British bespoke suit-maker Gieves & Hawkes, for HK$2.22 billion (U$284 million). The previous month, it said it would buy the owner of material company Lycra. In 2016, it acquired SMCP, whose fashion brands include Sandro, Maje and Claudie Pierlot, and agreed to buy British trench-coat maker Aquascutum last year.
Founded in Switzerland in 1851, Bally was previously owned by US buyout firm TPG, which agreed to sell the firm to JAB in 2008.
Questions & Answers
Q.Which company is the current owner of Bally International?
Which company is the current owner of Bally International?
Bally International is currently owned by JAB Holding. JAB Holding acquired the Swiss luxury brand from US buyout firm TPG in 2008, and is now in advanced negotiations to sell it to Shandong Ruyi Group.
Q.What is the approximate asking price for Bally International?
What is the approximate asking price for Bally International?
Insiders indicate that the discussions between Shandong Ruyi Group and JAB Holding involve a price of about US$700 million for Bally International. This figure is part of advanced negotiations for the Swiss luxury brand.
Q.Which other companies were interested in acquiring Bally International?
Which other companies were interested in acquiring Bally International?
Club Med owner Fosun International and Chinese apparel maker Fujian Septwolves Industry were also suitors for Bally International. Shandong Ruyi Group has reportedly pulled ahead of these other interested parties in the bidding process.
Q.What other acquisitions has Shandong Ruyi Group made recently?
What other acquisitions has Shandong Ruyi Group made recently?
Shandong Ruyi Group agreed to buy a controlling stake in Trinity, owner of Gieves & Hawkes, for HK$2.22 billion. It also planned to buy the owner of Lycra, acquired SMCP in 2016, and agreed to buy Aquascutum last year.
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