- The Lobby
- Extra Times
Hong Kong’s Fung Brands buys fashion house Sonia Rykiel
Hong Kong investment firm Fung Brands has bought 80 percent of French fashion house Sonia Rykiel in a partnership aimed at boosting the brand’s global presence, the companies said on Monday. “The partners want to develop the company as a true international luxury brand,” they said in a joint statement.
The Rykiel family will retain a 20 percent stake and the founder’s daughter, Nathalie Rykiel, will remain vice president of the board, it said. Known for its knitwear and founded in 1968, Sonia Rykiel was one of the last family controlled French fashion houses. The company had sought a potential partner since early 2011 but originally intended to sell off only a minority stake. Financial details were not disclosed.
Fung Brands was started a year ago by the Fung family, the majority shareholder of Hong Kong’s Li & Fung Group, and previously acquired majority stakes in French luxury shoemaker Robert Clergerie and Belgian leather goods maker Delvaux. Fung Brands director Jean-Marc Loubier said he hoped to double Sonia Rykiel’s sales in the next five to six years after the brand saw sales stagnate in 2011 after chalking up 90 million euros ($119 million) in 2010. The company makes half its sales abroad and distributes its products in 30 countries.
Responsible Right of Expression — In the interest of freedom of expression, coupled with a true sense of responsibility to encourage community dialogue, the Macau Daily Times offers its readers the opportunity to express their opinions on new-related matters through this website. All opinions are welcome. However, we reserve the right to remove comments that are deemed to be obscene, or are merely insults written under the cloak of anonymity. MDT
- HUMAN RESOURCES | The business battleground: “Companies have to make the career path clearer”
- Medical sector faces difficulties in attracting overseas experts
- Easter celebrations at the Cathedral in three languages
- EDUCATION: Former Harvard scholar shares learning experience with students
- Macau International Jazz Festival kicks off today
- Raising a child at sea “is as healthy as in any other place”
- BRIEFS: GCS releases press law consultation report
- Father of comatose girl collects residents’ signatures
- Residential mortgage loans drop by 41.7pct
- Spring book fair kicks off
- Catholic weekly with Filipino editor and English supplement
- Doctors to apply for license after one-year internship
- Measures announced to control pollution in Ka Ho
- DSRT reaffirms liberalization of TV services but provides no timeframe
- Wynn declines as analyst cites risk of drop in VIP bets