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

Myanmar requests EU not to revoke trade preference

Apparel/Garments | On 21st Jan 2019

Myanmar requests EU not to revoke trade preference

Myanmar Government officials and businesses have requested the...

Tanzania spends Sh7 bn to boost cotton production

Textiles | On 21st Jan 2019

Tanzania spends Sh7 bn to boost cotton production

Tanzania has injected Sh7 billion for distribution of insecticides...

India to soon have own standard for apparel size: minister

Apparel/Garments | On 21st Jan 2019

India to soon have own standard for apparel size: minister

India will soon roll out a size project for Indian apparel on the...

Interviews View All

Sachin Sharma, Gem Enviro Management Pvt Ltd

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Lin Jing,

Lin Jing

Jiangsu New Victor is a Chinese mechanical equipment manufacturing...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Sonam & Paras Modi, SVA

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

January 2019

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

news category

Related Categories:

Advanced Search