|Fung Brands acquire 80 percent of the Rykiel business|
French fashion brand Sonia Rykiel and Fung Brands Limited announced today they have finalized a deal that will see Fung Brands acquire 80 percent of the Rykiel business, leaving the Rykiel family with a 20 percent stake. Financial terms were not disclosed.More details after the jump!
|Nathalie and Sonia Rykiel|
Nathalie Rykiel, Sonia’s daughter and the current president of the brand, has been named vice chairman of the board. This completes the operation initially announced by the two brands on Jan 26th.
“This partnership joins the forces of Sonia Rykiel and its exceptional bonds to clients with Fung Brands’ know-how, its knowledge of the sector and access to international markets,” the companies stated. “Benefiting from the strong and distinctive identity of the brands, the partners wish to develop the company internationally as a true global brand of international luxury,” they added.
Fung Brands Ltd. is a subsidiary of Fung Capital Ltd., the
|Sonia Rykiel RTW Spring 2012 (photo by GIOVANNI GIANNONI)|
investment arm of the families of Hong Kong-based Victor Fung and William Fung, who separately control the Li & Fung Group. It is headed by Jean-Marc Loubier, formerly of Celine and Escada.
Since it was founded last year, Fung Brands has acquired majority stakes in French shoe brand Robert Clergerie and Belgian leather goods concern Delvaux. Sonia Rykiel had mandated Edmond de Rothschild Corporate Finance last summer to study the possibility of selling a minority stake in the family-owned house in order to speed its expansion.
Sonia Rykiel posted sales of 89.6 million euros or $118.9 million in 2010, roughly flat versus the previous year, the brand said last year.
In September, the Paris-based label named April Crichton creative director of its main fashion line. A graduate of Central Saint Martins in London, Crichton worked alongside the house founder and helped to develop the secondary Sonia by Sonia Rykiel line.
Nathalie and Sonia Rykiel had previously been in charge of the house’s fashion direction following the departure of Gabrielle Greiss in 2009, after less than 18 months at the helm.