Japanese conglomerate Itochu Group has announced an investment into Chinese textile firm Shandong Ruyi’s newly acquired business The Lycra Company.
Itochu, a capital alliance and business partner of Shandong Ruyi, did not disclose the size of the investments but said it would work with the group, which is one of the leading textile and apparel companies in China, to “further increase the corporate value of LYCRA and maximise collaborative synergies.”
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Ruyi completed its acquisition of US-based fibre producer Invista’s Apparel and Advanced Textiles business (A&AT) – including its Lycra spandex/elastane brand, earlier this month.
“Itochu regards its involvement in the acquisition of Lycra as an investment that will contribute to the improvement and enhancement of its portfolio of competitive materials; following on from its development of environmentally-friendly cellulose fibres in collaboration with the Metsa Group, and its recycled polyester business utilising technologies developed by Jeplan Inc,” the group said in a statement.
