Retail in Asia

In Trends

Fosun and Septwolves eye Bally purchase

Michael Kors luxury brands Coach Bally Australia Sydney outlet store opening News - Retail in Asia

Chinese investor firms Fosun Group and Fujian Septwolves  are said to be eyeing off the purchase of luxury leather goods brand Bally, which is worth some 600 million euros ($717 million), according to media reports.

The Chinese apparel manufacturer and conglomerates are just two suitor firms among a bevy of firms vying for the Swiss luxury label, which currently held by JAB Holding Co., owned by the billionaire Reimann family.

SEE ALSO :  Bally opens first-ever India store

Another suitor is said to be Japanese trading firm Itochu Corp., sources told Bloomberg, as non-binding offers for Bally came in this week.

All parties involved have refused to comment.

In April, JAB Holding said it was reviewing options for Bally in a bid to focus on the group’s other business such food and beverage, reported Bloomberg.

SEE ALSO : Bally, Coach, Michael Kors to open Sydney outlet stores

JAB has grown into one of the largest coffee sellers through the acquisitions of Keurig Green Mountain Inc and Krispy Kreme Doughnuts Inc.

More recently in July, the firm agreed to sell British shoemaker Jimmy Choo to Michael Kors for about 896 million pounds ($1.2 billion).