Jining, Shandong – Leading Chinese textile and apparel maker Shandong Ruyi Investment Holding has bought Invista’s apparel & advanced textile business, including its Lycra PU elastane brand.
Ruyi stretches to Lycra apparel fibre purchase
Although the price of the deal was not disclosed, Bloomberg estimates it is more than $2 bn.
The transaction comprises a series of other trademarks as well as Lycra, and includes: HyFit, Coolmax, Thermolite, Elaspan, Supplex and Tactel, said a joint press release.
The apparel & advanced textile unit has about 3,000 employees around the world. It also includes production facilities for PTMEG, 1,4-BDO and THF at eight manufacturing sites. The unit has operations in 14 countries, the press release said.
Renamed The Lycra Company, the business will operate as a Ruyi subsidiary. In addition, Invista will retain intellectual property rights for PTMEG, 1,4-BDO and THF. it will continue to license these globally.
Ruyi plans to continue to invest in its innovation pipeline and brands, according to Ruyi chairman Qiu Yafu. ‘As a spandex producer ourselves, we have admired the iconic Lycra brand for years, and we see the value The Lycra Company adds to our business,’ he said.
Headquartered in Jining, Shandong, Ruyi has purchased a number of international luxury apparel brands over the past few years. These include UK label Aquascutum and French labels Sandro, Maje and Claudie Pierlot.