Shandong Ruyi bids for French fashion group

Textile producer Shandong Ruyi Group is believed to be in takeover talks with SMCP SAS, the owner of French fashion brands Sandro, Maje and Claudie Pierlot, according to media reports in Hong Kong.

Bloomberg said the clothing group could be worth more than $1 billion in the sale.

Private equity firm Kohlberg Kravis Roberts acquired a majority stake of SMCP in June 2013, and is reported to have engaged banks last year to consider strategic options, including the sale of its stake.