Shandong Ruyi furthers global dreams with Bally buy

Textile manufacturer Shandong Ruyi International Fashion Industry Investment Holding Co, the LVMH of China, has stepped up its global acquisitions with the purchase of Swiss luxury clothing brand Bally International AG.

Mergers and acquisitions, especially of international companies, by Chinese clothing firms have taken off recently after the industry started contemplating new growth options as part of an industrial upgrade.

Shenzhen-listed Shandong Ruyi said on Friday that it will buy a controlling stake in Bally from its parent JAB Holding Co. JAB will retain a minority stake in the company and the present management team of Bally will retain their positions, it said in a regulatory filing.