Switzerland’s famous shoemaker Bally is bought from Oerlikon-Bührle by the United States-based Texas Pacific Group, a spokeswoman announced Monday.This content was published on August 30, 1999 - 16:57
Switzerland’s famous shoemaker Bally is bought from Oerlikon-Bührle by the United States-based Texas Pacific Group, a spokeswoman announced Monday.
Texas Pacific, which has a reputation for tightening financial controls and turning around declining consumer brands, has agreed to invest a "substantial" amount in Bally to boost the company's global brand strategy, said the spokeswoman.
Bally's current management will remain, the spokeswoman for Oerlikon-Bührle said. The sale was to be completed by October.
Trade union representatives called on the new management to honour the labour agreements reached with Bally's previous management.
Bally, which was founded in 1851, manufactures fashion accessories and luxury shoes, which it sells through its worldwide network of more than 400 stores.
The company has been in long-term decline despite attempts by a succession of managements to revive its fortunes.
The shoemaker has been for sale for several months by Oerlikon-Bührle, which last year gave up plans to float it on the stock market.
The group is in the process of rationalizing its structure that has ranged from property management to the manufacture of antiaircraft guns and small airplanes.
Texas Pacific, a private investment partnership based in San Francisco and Fort Worth, Texas, is credited with turning around Ducati, Italy's biggest motorcycle manufacturer.
Texas Pacific has a broad portfolio of interests ranging from telecommunications and airlines to fashion firms and microchip makers.
From staff and wire reports.
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