Home / Knowledge / News / Apparel/Garments / Shandong Ruyi to invest $16.5 mn in Bagir Group

Shandong Ruyi to invest $16.5 mn in Bagir Group

Sep '18
Courtesy: Bagir
Courtesy: Bagir
Shandong Ruyi Technology Group, one of the large textile enterprises in China, will invest $16.5 million in Israel-based Bagir Group, a designer, creator and provider of innovative tailoring, in return for 359,560,310 New Ordinary Shares representing 53.7 per cent of the Bagir’s enlarged share capital. The investment was being discussed since November 2017.

“The proposed investment values each New Ordinary Share at approximately 3.5 pence per Ordinary Share and represents a premium of 155 per cent to the mid-price at 12:10 on November 20, 2017, being the point at which trading in the Ordinary Shares was suspended ahead of the announcement of the proposed investment on November 23, 2017,” Bagir said in a circular and notice of extraordinary general meeting.

The investment by Shandong Ruyi will be used to directly target expediting the development and expansion of the manufacturing facility in Ethiopia. This will significantly accelerate the timetable for the operational potential in Ethiopia to be realised, enabling the facility to attract and compete for major apparel manufacturing contracts from large international retailers which generate an acceptable level of return to Bagir, the circular said.

“We are delighted to be putting this proposal to our shareholders as we believe it to be transformative, creating a platform from which Bagir has the potential to become a significant player in our market of apparel manufacturing,” Eran Itzhak, chief executive officer of Bagir, said.

The investment proposals and resolutions now need to be passed by shareholders at the extraordinary general meeting of Bagir, to be held at the offices of N+1 Singers, One Bartholomew Lane, London EC2N 2AX on October 9, 2018.

Bagir manufactures formalwear for menswear and womenswear brands through subcontracted factories in China, Jordan, Myanmar, Romania, and Vietnam. It also has a joint venture in Egypt.

In recent years, Shandong Ruyi has acquired several clothing giants like the UK suit maker Gieves & Hawkes, UK clothing brand Aquascutum, France’s SMCP and Italy’s Cerruti 1881. It acquired a controlling stake in Bally in February this year. (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Bangladesh apparel exports jump 20% in July–Oct 2018

Apparel/Garments | On 19th Nov 2018

Bangladesh apparel exports jump 20% in July–Oct 2018

Readymade garment exports from Bangladesh increased by 20.08 per cent ...

95% Britishers want shopping centres for all: Hammerson

Apparel/Garments | On 19th Nov 2018

95% Britishers want shopping centres for all: Hammerson

As many as 95 per cent of British people feel that shopping centres...

Courtesy: Hyosung

Textiles | On 19th Nov 2018

Hyosung leading global market with creora

Hyosung is leading the global market with ‘creora’, the brand name of ...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units



<div>Inkbank is a leading supplier of inkjet inks and inkjet printing...

Erik Sy,

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Pietro Turrin,

Pietro Turrin

Industrie Tessili Bresciane (ITB) has served numerous industries and...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search