Talks are on between Fung Capital Ltd., the investment arm of billionaire brothers Victor and William Fung, and French fashion house Sonia Rykiel, as the former proposes to procure an 80 percent stake in the later.
According to a joint statement released by both the companies, Fung Brands Ltd., a division of Fung Capital will acquire 80 percent stake in Sonia Rykiel, the brand founded in 1968 by the Rykiel family. The Rykiel family would continue to hold the remaining 20 percent stake in the firm.
The Fung family holds the biggest stake in Li & Fung Ltd., a firm listed on Hong Kong stock exchange. The firm is the largest supplier of consumer products to leading retailers like Marks & Spencer Group Plc. and Wal-Mart Stores Inc.
Fibre2fashion News Desk - India
marketing@alchempro.com
