Chinese consumers are renown around the world as heavy consumers of high-end luxury goods. Now one Chinese textile manufacturer is buying into the world of haute couture.
Shandong Ruyi Technology Group has acquired a controlling stake in French fashion conglomerate SMCP, owner of fashion brands Sandro, Maje and Claudie Pierlot.
The Chinese company has signed an exclusive agreement along with global investment firm KKR. SMCP’s founders and management would reinvest alongside Shandong Ruyi Group as minority shareholders, while KKR would retain a minority interest in the group.
After the acquisition, SMCP would retain its current strategy and organisational structure and its design and creative teams will continue to operate from its headquarters in Paris.
Yafu Qiu, chairman of Shandong Ruyi Group, said the investment aims to drive the group’s further growth and support its global development, as well as supporting SMCP in achieving its long-term objective of becoming a global leader in accessible luxury.
“This would be a significant step for Shandong Ruyi Group in our continued endeavour to become a leader in the fully-integrated textiles and fashion business both in China and globally,” said Qiu.
“By taking on board the expertise of SMCP, a group well-rooted with strong Parisian heritage, we would combine their merits with our existing strength in Asia, in particular China.”
SMCP, with its brands Claudie Pierlot, Maje and Sandro, has more than 1,000 stores in 33 countries, including China, Hong Kong, Indonesia, Korea, Macau, Singapore, Taiwan and Thailand.
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