Shandong Ruyi Technology Group has agreed to buy a majority stake in French fashion group SMCP in a deal that points the way for other struggling Chinese textile producers by securing sales streams for its core business and improving its access to China's growing affluent.
Ruyi and SMCP have not disclosed how large a stake the former is acquiring in the latter, or exactly how much for. However, it is believed the company may be spending around $1.3 billion on the stake. Bankers familiar with the deal would not confirm or deny this reported figure.
Most of the shares in the acquisition will come from Kohlberg...
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