- Prachi Singh
-
|
Fung Group and Ruyi Group have announced a strategic partnership to
jointly develop new growth opportunities in the global textile and garment
sector, specifically in the emerging Africa market. The company said that
this strategic partnership will combine Fung Group’s downstream network,
brand expertise and leading sourcing and production platform across 50
export markets worldwide and Ruyi Group’s upstream competitiveness derived
from nearly five decades’ experience in textile raw material cultivation,
weaving and spinning, apparel manufacturing as well as its portfolio of
brands.
Speaking at the signing, Fung Group Chairman Victor Fung, said in a
statement: “With Africa set to become the up-and-coming sourcing market,
the complementary strategic alliance with Ruyi Group will allow the two
groups to combine strengths and explore this promising market for our
customers.”
The tie-up will, Fung Group added, create multiple collaboration
opportunities for the two companies to bring new product offerings,
specifically of denim, shirts, men’s suiting fabrics and apparel, to
customers.
“Africa is an important market for us and we believe with the right
partner like Fung Group armed with an extensive network of suppliers,
brands and retailers, we can accelerate business development in the market,
making another step closer to achieving our goal of building the world’s
largest global and most comprehensive vertically integrated textile and
fashion business,” added Yafu Qiu, Chairman of Ruyi Group to the
statement.
Picture credit:Fung Group
