Another Chinese suitor emerges for Bally
11/01/2018
In September 2017, two other Chinese companies, apparel manufacturer Fujian Septwolves Industry and investment company Fosun International, were touted as the most likely buyers for Bally, which was put up for sale by current owner JAB Luxury earlier in the year as part of its move away from the luxury industry in favour of its rapidly growing food and beverages business.
Bloomberg has now suggested that Shandong Ruyi is in advanced negotiations with JAB Luxury and has been discussing a price of around $700 million. It was quick to point out however that a final agreement on the terms of the deal has not yet been reached and that another buyer could still emerge.
Shandong Ruyi had a busy end to 2017, completing a number of high-profile acquisitions. These included purchasing majority stakes in Hong Kong-based apparel retailer Trinity and Israeli tailored clothing company Bagir, as well as paying a reported $2 billion for the apparel and advanced textiles (A&AT) business of Polymer and fibre manufacturer Invista.
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