Sep 20, 2017
Bally attracts three potential buyers from Asia
Sep 20, 2017
Bally is attracting the attention of several potential buyers. After JAB Luxury, the luxury division of German group JAB Holdings - also the owner of Belstaff - sold Jimmy Choo to Michael Kors in July, all eyes are trained on its other footwear label, Bally of Switzerland, which was put up for sale last April for approximately €600 million.
According to many sources close to the matter, quoted by Bloomberg, there are three potential buyers from Asia, where Bally is highly appreciated. Especially in China, where last June the label picked actress Tang Yan as its first brand ambassador for the Asia-Pacific market, and where two major corporations reportedly interested in Bally hail from.
The first is the Fosun International conglomerate, led by billionaire Guo Guangchang and already active in the fashion industry. Fosun in fact holds stakes in Greek jewellery brand Folli Follie, in US label St. John and Italian label Caruso, and had been in the running for the Jimmy Choo take-over.
The second is giant group Fujian Septwolves Industry, founded in 1990 by Zhou Shao Xiong and initially specialised in the production of jackets. It is listed on the Shenzhen stock exchange and currently owns seven labels, mostly in menswear, including its leading brand Septwolves. The group has recently acquired the distribution rights for Karl Lagerfeld in China.
The Itochu Corporation is also interested in Bally. Through its textile division, the Japanese giant already owns, among others, labels like Hunting World, LeSportsac and Mila Schön, as well as a 34% stake in Paul Smith and denim manufacturer Edwin.
JAB Holdings, the investment company of German family Reimann, has decided to divest itself of its equity interests in the luxury industry, to focus on fast-moving consumer goods like coffee or the food sector.
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