Chinese textile group Shandong Ruyi is set to buy a controlling stake in menswear group Trinity in a HK$2.2bn (£213.5m) deal.
Trinity, which retails and wholesales high-end menswear brands including Kent & Curwen, Gieves & Hawkes and Cerruti 1881, is part of the Fung Group’s Fung Retailing arm, led by Hong Kong tycoon Victor Fung.
Shandong Ruyi will own 51.38% of Trinity when the deal completes, while Fung and his family members’ combined stake will be diluted to 19.79%, from 40.95%.
Trinity also operates high-end menswear businesses D’Urban and Hardy Amies under a long-term global licence.
Earlier this week Shandong Ruyi agreed to buy the clothing and advanced textiles division at US polymer and fibre producer Invista, for an undisclosed sum.
It includes Invista’s portfolio of clothing fibres and brands, such as Lycra and moisture-wicking technical fabric business Coolmax.