Shandong Ruyi Investment Holding Acquires Invista's Apparel & Advanced Textiles Division

Shandong Ruyi Investment Holding, one of the leading textile and apparel companies in China, announced today that is has completed its acquisition of Invista's Apparel & Advanced Textiles business. The transaction includes all associated assets and contracts.

The new company will operate as The Lycra Company, an independent subsidiary, and will continue to manufacture advanced fiber and technology solutions for the apparel and hygiene industries. The Lycra Company is named for Lycra fiber, the original spandex / elastane fiber and the company's best-known product. The purchase includes a robust portfolio of highly respected consumer and trade brands: Lycra, Lycra HyFit, Lycra T400, L by Lycra, Coolmax, Thermolite, Elaspam, Supplex, Tactel and Terathane.

Shandong Ruyi Investment Holding is one of the largest textile manufacturers in China, ranks first among the top 500 textile and apparel companies in China, and ranks among the top 100 Chinese multinational enterprises. Headquartered in Jining, Shandong province -- the hometown of Confucius and Mencius -- Shandong Ruyi Investment Holding operates 13 domestic industrial parks and boasts some of the largest production lines and advanced technologies in China. The company also has a significant distribution and retail network that services a globalized customer base spread across six continents. Since 2016, the group has acquired several international luxury brands including Aquascutum, Sandro, Maje and Claudie Pierlot.

"We are fortunate to be purchased by Ruyi, a company that shares our vision and our commitment to delivering high-quality products, technical expertise, and unmatched marketing support to our valued customers," said Dave Trerotola, CEO of The Lycra Company. "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.”

"We are thrilled to acquire The Lycra Company and will continue to invest in its innovation pipeline and brands in order to reach our objectives for business growth," said Yafu Qiu, chairman of the board of Shandong Ruyi Investment Holding.

The Lycra Company will start day one as a fully operational subsidiary of Ruyi Group, with significant operations in various countries, such as the UK and the Netherlands, among others. The transaction also includes eight manufacturing facilities, four research and development labs, 17 offices located in 14 countries around the world, and approximately 3,000 employees. Current leadership and employees will continue in their roles with the new company.