A group of financial institutions, including Lindeman Asia and Lindeman Partners Asset Management, has assumed full capital control of The Lycra Company.
Following the conclusion of the receivership process that started in February when an enforcement action was filed against Ruyi Textile and Fashion International Group Limited, the former parent company of The Lycra Company, for loan defaults related to the January 2019 purchase of The Lycra Company (our sister publication The Outdoor Industry Compass reported), it has now been announced that a group of financial institutions consisting of Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management and China Everbright Limited has assumed full capital control of the company.
The Lycra Company, with its brands including Lycra®, Coolmax®, Tactel® and Thermolite®, has become one of the strongest global franchises in the textile industry, with long-standing strategic relationships with most of the leading manufacturers, brands and retailers worldwide.
With new ownership, The Lycra Company will continue to focus on accelerating the execution of its vision. This includes sustainable solutions that promote circular thinking, strategic technology partnerships to develop and scale a broader range of innovative materials, and ongoing digital transformation initiatives. According to the new owners, this is fully supported by the shareholders, who have a proven track record of financing and investing in companies in Asia and globally and are working with the boards on business and operational plans to drive long-term value creation. The new shareholders are committed to helping The Lycra Company further strengthen its financial position and enable long-term growth. The current management team led by CEO Julien Born will continue to run the business with full shareholder support.
