Acquisitive Chinese textile and clothing giant Shandong Ruyi Group, which controls SMCP and Hong Kong-based menswear group Trinity, has bought a majority stake in Swiss luxury brand Bally for an undisclosed sum.
Bally’s parent, JAB, will retain a minority interest in the company, while Bally’s management team will reinvest alongside Shandong Ruyi.
The transaction remains subject to regulatory approval.
Yafu Qiu, chairman of Shandong Ruyi, said: “Bally is one of the most important luxury shoe and leather accessories brands with a heritage going back more than a century. Bally’s history and its products greatly complement our existing strength in ready-to-wear apparel.
“This is an important milestone for Shandong Ruyi in our enterprise to become a global leader in the fashion apparel sector. We look forward to supporting Bally in achieving its continued growth and enhancing its brand globally.”
In November, Drapers reported that Shangdong Ruyi Group invested $16.5m (£12.4m) to buy 54% of menswear supplier Bagir.