French ready-to-wear brands of “accessible luxury” will pass to the Chinese textile group Shandong Ruyi Technology Group. They were controlled by the American fund KKR.
In his statement, Shandong Ruyi, one of the leading textile manufacturers in China, says he is investing in the company with the ambition of supporting its international development, particularly in Asia.
Shandong Ruyi Group wants to transform itself into “a fully integrated textile and fashion business leader, both in China and worldwide”.
The Chinese group says it is ready to support SMCP’s ambition to become “a global leader in accessible luxury,” Chinese group president Yafu Qiu said.
Shandong Ruyi is particularly committed to preserving “the DNA and unique identity of the group’s brands”, and anticipates that the design and creation teams will remain in Paris. SMCP could “retain its current strategy and organisation, while benefiting from the international distributor expertise of its new shareholder”, the partners explain.
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