Shandong Ruyi acquired Swiss luxury brand Bally
In this article (5)
JAB Holding has sold its controlling stake in Swiss apparel and accessories label Bally to Chinese textile manufacturer Shandong Ruyi Group, as tipped last month.
JAB, which once owned Belstaff and Jimmy Choo, was said to be seeking US$700 million for Bally in August. The brand was founded in 1851 as a shoemaker.
“The arrival of Shandong Ruyi Group and its vision will significantly accelerate our growth in key segments and territories as we complete the turnaround of this iconic brand,” says Bally CEO Frederic de Narp.
JAB says it will retain a minority holding in Bally, while the majority stake will be controlled by Shandong Ruyi Investment Holding. Under the terms of the agreement, Bally’s management team will reinvest alongside Shandong Ruyi.
Transaction terms have not been disclosed and are subject to closing conditions and customary regulatory approvals.
As majority shareholder, Shandong Ruyi plans to maintain Bally’s DNA and identity. Part of this plan includes keeping Bally’s headquarters and main factory in Switzerland.
Questions & Answers
Q.What was Bally's original specialism when it was founded?
What was Bally's original specialism when it was founded?
Bally was founded in 1851 and began its operations as a shoemaker. Over time, it evolved into an apparel and accessories label, but its origins are firmly rooted in footwear manufacturing.
Q.How will the new majority owner impact Bally's operational structure?
How will the new majority owner impact Bally's operational structure?
Shandong Ruyi plans to maintain Bally’s distinct DNA and identity. This includes keeping the company's headquarters and primary factory located in Switzerland, ensuring continuity in operations.
Q.Who will lead Bally's strategic direction under the new ownership?
Who will lead Bally's strategic direction under the new ownership?
Bally’s current management team will reinvest alongside Shandong Ruyi, indicating their continued involvement. CEO Frederic de Narp expressed optimism about accelerating growth with the new owner's vision.
Q.Did JAB Holding completely divest from Bally in this transaction?
Did JAB Holding completely divest from Bally in this transaction?
No, JAB Holding did not fully divest from Bally. While Shandong Ruyi acquired a controlling majority stake, JAB Holding will retain a minority holding in the Swiss luxury brand.
Reader pulse
Is this a good move for Bally's future?
20,360 votes so far