Deals
Chinese Luxury Firm Closes Long-Delayed $2 Billion Lycra Deal
- Completing deal took over six months longer than expected
- Capital controls, slow regulatory approvals delayed process
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Chinese luxury apparel firm Shandong Ruyi Group finally closed its acquisition of the owner of Lycra, the elastic material used in yoga pants and skinny jeans, after regulatory delays hampered the cross-border purchase for months.
The Chinese group announced Thursday that it completed its purchase of the Apparel & Advanced Textiles business of Invista, a subsidiary of Kansas-based Koch Industries. The parties closed the acquisition just hours before the final deadline ran out on Jan. 31, more than 15 months after the deal was announced, a person familiar with the matter said.