Erik Ryd, the founder of Hong Kong-based lingerie and swimwear manufacturer Hop Lun, has sold a controlling stake of the company to investment firm Platinum Equity for an undisclosed sum.
The deal is expected to complete in the third quarter of this year and Ryd will retain a significant share in Hop Lun and continue to assist the business going forward.
Hop Lun, founded in 1992, has 12 factories in Bangladesh, China, Indonesia and Ethiopia, with more than 30,000 employees, making it one of the world’s biggest designers and manufacturers of intimate apparel. It produced about 94 million items of clothing last year.
The company also owns in-house labels Dorina and Janet Reger.
In February Ryd said the business had capitalised on the surging demand for comfort clothing due to the pandemic and he expected revenue to rise by as much as 17 per cent this year to US$684 million.
Matthew Louie, managing director at Platinum Equity, described Hop Lun as an ideal platform with “multiple ways to evolve and expand”.
He said Platinum would work with Ryd to accelerate investments in growing the company, both organically and through strategic mergers & acquisitions, that can expand Hop Lun’s production capabilities, customer base and its portfolio of owned brands.
Besides Hop Lun, Ryd founded Hong Kong-headquartered lingerie retailer 6ixty8ight, which now has about 300 stores across Asia.