FRANCE: Fung Brands completes takeover of Sonia Rykiel
Hong Kong based investment firm Fung Brands has finalised an agreement to take an 80% stake in French luxury fashion brand Sonia Rykiel founded by the designer around 40 years ago.
It follows the announcement at the end of last month of exclusive talks between the two parties.
The aim of the agreement is to develop Sonia Rykiel as "a truly global international luxury brand," a joint statement reads.
The Rykiel family will retain 20% of the label and the founder's daughter, Nathalie Rykiel, will continue to hold the post of vice-president.
Set up around a year ago by the Fung family, which controls sourcing giant Li & Fung, Fung Brands' brief is to acquire luxury brands. It has already purchased France's Robert Clergerie (shoes) and Belgium's Delvaux (leather goods).
Sonia Rykiel has seen its turnover stagnate at EUR90m over the past two years. However, Fung Brands' chief, Jean-Marc Loubier, estimates the brand's turnover could be doubled over the next five or six years as a result of international expansion.
Export markets currently account for about 50% of Sonia Rykiel's sales, the principal outlet being Europe.
Despite the increasing number of roll-outs of RFID item-level tagging by retail giants such as Walmart, JCPenney, Marks & Spencer and supply chain giant Li & Fung, the price of RFID inlays (the electr...
Li & Fung, the world's largest supplier of apparel and consumer goods, has stressed that growth through strategic acquisitions and the trend for outsourcing by retailers and brands will continue to dr...
A sourcing deal inked more than two years ago between Li & Fung and Wal-Mart Stores has been replaced by a new agreement that allows the global supply chain manager to offer a range of new services to...
Top stories on just-style this week include the Olympic Games failing to boost August retail sales in the UK, a look at just-style's latest management briefing on RFID technology and H&M calls for hig...
Core operating profits at consumer goods giant Li & Fung fell 22% despite a slight rise in turnover, as the Hong Kong-based company was hit by continued economic fragility in its main markets....
Clothing and footwear firms including Nike, Marks & Spencer, Levi Strauss and Walmart are among those backing a new tool designed to measure sustainability and environmental impact across the industry...
- What the EU-Vietnam trade deal means for duties
- Ultimate frontier Myanmar uplifts Bogart Lingerie
- US apparel retailers' January 2016 sales roundup
- US apparel import growth led by Bangladesh
- Esquel backs Chinese Sea Island cotton production
- Sears looks to lift apparel via sourcing changes
- Direct sourcing helps M&S narrow the gap with Next
- Eco-friendly garment factory opens in Bangladesh
- Clothing and sports chains in activewear battle
- Nike accelerates digital strategy with new hire
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Practical Price Negotiation
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020