Chinese textiles giant aspiring to rival French conglomerate LVMH eyes assets listing in Singapore
- Shandong-based firm has spent US$4.6 billion on foreign acquisitions since 2010
- Ruyi will also focus on integrating acquired businesses
Chinese apparel and textile maker Ruyi Holding Group, which harbours ambitions of becoming the country’s answer to French luxury brands conglomerate LVMH Moët Hennessy Louis Vuitton, plans to list some of its assets in Singapore, according to chief strategy officer Kelvin Ho Cheuk-yin.
The company, one of China’s biggest textile manufacturer, is controlled by Shandong tycoon Qiu Yafu and has been on an acquiring spree. It has a woollen clothing manufacturing listed unit in Shenzhen, as well as listed apparel production and distribution platforms in Tokyo, Paris and Hong Kong through businesses it has acquired since 2010.
“We will seek opportunities for our assets to become publicly listed in a stock exchange in Southeast Asia, especially in Singapore, which is a very good capital market to explore,” Ho said in an interview. “We hope to have a funding platform in suitable major capital markets, in different parts of the world, to gain better access to global investors.”
Ho, however, did not provide details about lines of business or assets being considered for flotation. The Jining, Shandong province-based company has more than 20 subsidiaries in 11 countries, and more than 5,000 retail stores in 33 countries.
Ruyi is building “the world’s largest global, vertically integrated textile and fashion business”, according to the company. It has, since 2010, acquired for US$4.6 billion stakes in cotton farms in Australia, wool trading companies in New Zealand, a textile innovator in the United States as well as mid to high-end apparel brands and distribution companies in Japan, France, Hong Kong, Britain and Switzerland.
