Fashion firm Sonia Rykiel in Chinese hands

Going for the major markets

Under the influence of Sonia’s daughter Nathalie Rykiel, the fashion company
wanted to enter major markets like the US and China, but lacked the
necessary funding. After apparently turning down LVMH (Louis Vuitton
Moët Hennessy), PPR (Pinault Printemps Redoute) and Richemont, the
Rykiel family went for Fung Brands to become the leading fashion brand
of the group.

Fung Brands, already owner of Belgian luxury leather producer Delvaux,
is also one of the largest suppliers of slightly more down-to-earth
giants like Walmart and Marks & Spencer through their Li & Fung
company. 

Fashion ‘habitué’ takes over

After the acquisition, Jean-Marc Loubier will take command of the
company that was founded in 1968 by students who were fed up with stiff
bourgeois fashion. Loubier has already worked for fashion companies like
Louis Vuitton and Escada. Unlike Nathalie Rykiel, her stylist April
Chrichton will not be replaced by the new owners.

Hermès is now the only luxury group that is still almost completely in
French hands, as its founding family holds almost almost 63% of the
shares. Sonia Rykiel had a turnover of 90 million in 2011, gathered through
1,700 stores in 30 countries.