NEW YORK--(BUSINESS WIRE)--The LYCRA Company, a global leader in providing innovative solutions for textile, apparel and personal care industries, is marking its first anniversary as an independent subsidiary of Ruyi Group on January 31. "Ruyi has been a strong partner that understood the challenges we faced as an innovative textile enterprise, including the impact global economic trends had on our business performance," said Dave Trerotola, CEO of The LYCRA Company. "This transition year also gave us plenty of wins as we built a strong foundation for future growth by continuing our heritage of investing in innovation."
Ruyi Group has been carrying out investment and merger layout oriented to the whole industry chain since 2010, to realize the transformation from a traditional textile giant to a world-leading fashion group. Ruyi currently owns four listed companies, including A-share listed company Ruyi Woolen Garment Group (SZ:002193), SMCP (SMCP.PA) listed in France, Trinity Group (0891.HK) listed in Hong Kong, Renown Incorporated (3606.T) listed in Japan. Ruyi has announced that it will promote the listing of The LYCRA Company on China's Sci-Tech innovation board. The LYCRA Company will become Ruyi's fifth listed company by 2020.
In 2019, Ruyi Group focused on the capital market to strengthen capital structure and optimize asset allocation, as well as continuously enhanced competitiveness for future diversification. Trinity Group has returned to profit with a significant increase since the acquisition. In the first half of 2019, Trinity achieved a profit of HKD 112 million, undergoing a major asset restructuring with Ruyi Group. SMCP Group, which bought De Fursac last September, achieved overall 2019 sales rise 8.7% from a year earlier (at constant exchange rates and scopes).
Ruyi Group announced to list household on REIT IPO in Singapore last June. Four months later, Ruyi accepted a RMB 3.5 billion investment from Jining City Urban Construction Investment Co., Ltd. Jining City Urban Construction now owns a shareholding of 26% at Shandong Ruyi Technology Group Co., Ltd. Until December, Prime Bloom Holdings Limited, a wholly-owned subsidiary of Ruyi Group, announced that it had fully repaid USD 345 million of its original "PRIME BLOOM 7.5% B2019" bond at maturity.
Ruyi has reached significant strategic cooperation with several domestic and overseas enterprises in the recent year. As the only fashion company from mainland China, in August, Ruyi was invited to join the sustainable fashion coalition and work with leading global fashion and textile companies including Kering, promoting environmental protection and sustainable development. By signing the Fashion Pact, the coalition focuses on sustainable goals in three areas: Climate, Biodiversity, and Oceans. Last September, Ruyi undertook the 31st China International Wool Textile Market Conference hosted by China Wool Textile Industry Association. More than 400 industry experts and entrepreneurs from 22 countries attended the conference to boost the sustainable development of the wool textile industry.
This year, Ruyi Group will continue to make efforts in high-tech textile and fashion brands for a "One World, One Family" Ruyi fashion ecology.