China’s Ruyi Group, a textiles and fashion firm, recently launched Lycra in the Science and Technology Innovation Board (STIB) in Jining. Lycra is landing on the capital market and entering a substantive stage of operation. On January 31, Ruyi Group acquired INVISTA’s apparel and advanced textiles business, including the prestigious Lycra brand.
The new company will operate as The LYCRA Company and further expand in the high-end spandex field, according to a company report. Last year, the Chinese Government set up STIB to boost the development of high and new technology industries, which is a significant reform of China’s capital market.
As the top business in the field of global high-tech materials for textile fibres, Lycra has the absolute competitive advantage, since Lycra is the STIB-preferred applicant that provides high-performance composites for the industry.
Lycra is the only brand in producing high-end spandex, which contributes more than 25 per cent of the industry revenue with 11 per cent of the output of the industry and represents the most advanced technology in the field of spandex. Also, it monopolizes all the market share of high-end spandex.
This acquisition could help Ruyi Group strengthen worldwide leading position in the fully-integrated textile company. The Ruyi Group owns nearly 30 fashion brands globally and has close to 6,000 shops operating in 81 countries and regions.