Chinese textile and retail investment company Shandong Ruyi will list an IPO for its recently acquired The Lycra Co in the hopes of raising around US$500 million.

The group is currently exploring a listing in the US as it works with Goldman Sachs, according to those familiar with the prospective deal.

Progress has been slow for Shandong Ruyi since regulatory delays held up its $2 billion purchase of Lycra for more than a year, which it finally completed in January. Plans for the IPO are now at early stages and are subject to significant changes before listing, which is scheduled for sometime within the next three years.

Shandong Ruyi has previously been reported as having ambitions to become “the LVMH of China” and has acquired numerous overseas fashion brands. It is now focusing on consolidating its holdings rather than pursuing new deals.

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.