Luxury shoemaker Bally, which was founded in Switzerland in 1851, has again changed hands. China’s Shandong Ruyi has agreed to buy a controlling stake in the firm from Luxembourg-based JAB Holding, the companies said on Friday.
“This is an important milestone for Shandong Ruyi Group in our enterprise to become a global leader in the fashion apparel sector,” Yafu Qiu, Chairman of Shandong Ruyi Groupexternal link, said in a statement. “We look forward to supporting Bally in achieving its continued growth and enhancing its brand globally.”
Shandong Ruyi has been slowly building its network of luxury clothing and accessories labels
Bally external linkwas founded by Carl Franz Bally at Schönenwerd in canton Solothurn in 1851. The brand was sold to Werner K. Rey in 1976. A year later it was bought by the Zurich group Oerlikon-Bührle. It was later bought by the US investor Texas Pacific Group in 1999, before being taken over by JAB Holding in 2008 and is now headquartered in Milan.
Bally’s parent company, JAB Holdings has been selling off its luxury and fashion investments. It will retain an undisclosed minority stake in Bally.