Chinese textile and retail investment company Shandong Ruyi has bought the US-based Lycra business for an undisclosed sum.
Shandong Ruyi, whose retail investments include Aquascutum and SMCP (Sandro, Maje, and Claudie Pierlot), will take over the world-famous lycra brand, all assets and contracts relating to Lycra from current owner Invista and rename the business The Lycra Company.
Lycra’s CEO Dave Trerotola said in a statement the company was fortunate to have been acquired by Shandong Ruyi.
“[The] company shares our vision and our commitment to delivering high-quality products, technical expertise, and unmatched marketing support to our valued customers,” he said.
The new company will operate as an independent subsidiary, and will continue to manufacture advanced fibre and technology solutions for the apparel and hygiene industries. The Lycra Company also owns a raft of consumer and trade brand names, including Lycra HyFit, Lycra T400, L by Lycra, Coolmax, Thermolite, Elaspan, Supplex, Tactel, and Terathane.
“With the continued investment of Ruyi, we look forward to working with our customers to bring exciting innovations to market. Our new shareholder’s textile and retail experience will be a tremendous asset as we develop differentiated fibres that deliver the lasting performance benefits consumers have come to know and expect from our brands,” said Trerotola.
The acquisition includes eight manufacturing facilities, four research and development labs, 17 offices located in 14 countries, and about 3000 employees. Current management and employees will continue in their roles.
Yafu Qiu, chairman of the board of Shandong Ruyi, promised his company would continue to invest in The Lycra Company’s innovation pipeline and brands in order to grow the business.
“As a spandex producer ourselves, we have admired the iconic Lycra brand for years, and we see the value The Lycra Company adds to our business. We believe its assets and capabilities are a perfect complement to our own and will help strengthen our position as a world-class, fully integrated textile company.”
The Lycra Company’s legacy stretches back to 1958 with the invention of the original spandex yarn, Lycra fibre.
Shandong Ruyi Investment Holding is the largest textile and apparel company in China, and ranks among the Top 100 Chinese multinational enterprises. It is headquartered in Jining, Shandong and operates 13 domestic industrial parks.
