Yong Sheng buys up leading French lace producer Desseilles

Chinese leading textile company Yong Sheng, a Hangzhou-based privately owned enterprise, has acquired French lace producer Desseilles Laces SAS, one of the oldest lace producers in the country, for 300,000 euros ($341,300).

Founded in 1993, Hong Kong-listed Yong Sheng sells its products to more than 60 countries and regions, and last year, it posted revenue growth of more than 20 percent over 2014.

With the acquisition, it is the first time that the company will have a production base in Europe.