Shandong Ruyi Investment Holding and JAB Holding, a leading global investment firm, along with the management team of Switzerland-based luxury shoe and accessories company Bally International have signed definitive deals to get hold of a controlling stake in Bally by Shandong Ruyi Group. JAB will retain a minority interest in the company.
Under the terms of the agreements, JAB will retain a minority interest in the company while Bally’s management team will reinvest alongside Shandong Ruyi Group. The transaction remains subject to closing conditions including customary regulatory approvals.
The partnership among Shandong Ruyi Group, JAB and Bally’s management team comes at a time of strong, continuous growth for Bally driven by all regions, notably Asia. Shandong Ruyi Group intends to maintain the DNA and unique identity of Bally, with its Head Office and main factory based in Caslano (Switzerland).
Yafu Qiu, chairman of Shandong Ruyi Group, noted: “Bally is one of the most important luxury shoe and leather accessories brands with a heritage going back more than a century. Bally’s history and its products greatly complement our existing strength in ready-to-wear apparel. We are extremely excited to begin this new journey of Bally alongside JAB and the Bally management team. This is an important milestone for Shandong Ruyi Group in our enterprise to become a global leader in the fashion apparel sector. We look forward to supporting Bally in achieving its continued growth and enhancing its brand globally.”
Frédéric de Narp, CEO of Bally, commented: “Bally has wonderful momentum and huge potential. I would like to recognise the extraordinary commitment and talent of our teams in reinventing and contemporising the company. The arrival of Shandong Ruyi Group and their vision will significantly accelerate our growth in key segments and territories as we complete the turnaround of this iconic brand.”
Peter Harf, senior partner of JAB, said: “We have long been investors and believers in the potential of Bally and are delighted to remain as a significant investor in the company alongside Shandong Ruyi and the management team. Frédéric and his team have done an excellent job in revitalising one of the world’s most recognised brands and turning it into a force to be reckoned with. Shandong Ruyi Group is a fantastic partner for the company to realise its full potential going forward.”
J P Morgan is serving as exclusive financial advisor to Shandong Ruyi Group. Hogan Lovells is acting as legal advisor for JAB, and Latham & Watkins is acting as Shandong Ruyi Group’s legal advisor on this transaction. (SV)
Fibre2Fashion News Desk – India