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Fung Brands acquires majority stake in Sonia Rykiel
22 Feb '12
1 min read
Hong Kong-based Fung Brands, an investment company promoted by billionaire brothers Victor and William Fung, has purchased a majority 80 percent stake in Parisian fashion brand Sonia Rykiel.
The remaining 20 percent stake has been retained by the founding family.
The acquisition will enable the French brand to penetrate in major markets like the US and China.
Founded in 1968, Sonia Rykiel was one of the two French luxury brands, along with Hermes, to be still owned by its founding family.
Sonia Rykiel, known for brightly coloured striped woolen apparels, currently employs 365 people. The company distributes its apparel items through 65 exclusive brand outlets (EBOs) and about 2,000 other outlets in over 30 countries.
The Fung family holds the biggest stake in Li & Fung Ltd., a firm listed on Hong Kong stock exchange. The firm is the largest supplier of consumer products to leading retailers like Marks & Spencer Group Plc. and Wal-Mart Stores Inc.
The remaining 20 percent stake has been retained by the founding family.
The acquisition will enable the French brand to penetrate in major markets like the US and China.
Founded in 1968, Sonia Rykiel was one of the two French luxury brands, along with Hermes, to be still owned by its founding family.
Sonia Rykiel, known for brightly coloured striped woolen apparels, currently employs 365 people. The company distributes its apparel items through 65 exclusive brand outlets (EBOs) and about 2,000 other outlets in over 30 countries.
The Fung family holds the biggest stake in Li & Fung Ltd., a firm listed on Hong Kong stock exchange. The firm is the largest supplier of consumer products to leading retailers like Marks & Spencer Group Plc. and Wal-Mart Stores Inc.
Fibre2fashion News Desk - India
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