Shandong Ruyi in advanced talks for Bally takeover
Although the Chinese company's name was not on the original list of potential buyers interested in the Swiss luxury footwear company, Shandong Ruyi is said to be in the running for the takeover of Bally.
According to Bloomberg, the Chinese textile group could even currently be in advanced negotiations with the brand’s owner Jab Holding, to the tune of US$700 million.
Shandong Ruyi is said to be ahead of fellow Chinese groups Fujian Septwolves and Fosun, and even the Japanese company Itochu, for the takeover of Bally International.
Luxury retailer Bally was put on sale in April 2017 for 600 million euros by Jab Luxury, the luxury division of the German group Jab Holding, which now wants to shift its focus to consumer goods.
It was in this manner that the group owner of Belstaff sold Jimmy Choo to the American business Michael Kors last July.
The fate of Bally, which underwent an organisational review last year in order to rationalise its costs, is not yet sealed and there is still time for another buyer to emerge.
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