The PEINE Group, one of the leading European makers of men’s fashion with the brands BARUTTI and MASTERHAND, has expanded its new partnership with the largest Chinese men’s clothing group, SHANDONG RUYI TECHNOLOGY GROUP CO., LTD. in Jining City, China. The agreement includes expansion into the Asian markets as well as securing of further corporate financing for the PEINE Group among other things.
After the majority takeover of the PEINE Group by Shandong Ruyi in January 2014, it has now been possible to agree on the basic points for future collaboration. First these will essentially include the following strategic and operational fields:
“Whether and to what extent the PEINE Group will shift some areas of its production to the new parent company is not yet decided, on the other hand. We will work toward this topic with great care and caution,” stated Jan D. Leuze, CEO of the PEINE Group. “We have complete freedom of action when it comes to operations. The sole crucial element is what the customer and the market expects of us and how we can best fulfil this.”
Leuze also emphasised that Ruyi as new majority partner also stands completely behind the PEINE Group financially and will actively accompany its further growth. This also includes a general guarantee for liabilities submitted by Qiu Yafu, Chairman of the Shandong Ruyi Group on 4 April 2014 for the current and future liabilities of the PEINE Group, which at the end of last year had started lurching economically. “With this binding letter of intent we plan to re-establish the partially lost trust of our suppliers and also to give a clear signal to the market,” Leuze stated. After a difficult spring season, the PEINE Group is now again “on course”, is working intensively on new NOS programmes and on other innovative collections with which lost ground is to be made up and which, according to Leuze, “will make the market sit up and take notice.”
About the PEINE Group
With its BARUTTI and MASTERHAND brands, the PEINE Group is one of the leading European specialists for sophisticated men’s fashion in the mid-to-higher price segment. Originating from the clothing company founded in Wilhelmshaven in 1948, BAWI, the company has been a fixed component of the German men’s clothing market for more than 50 years. PEINE sells its products worldwide in some 40 countries to almost 1,500 active customers, including such renowned names as Peek & Cloppenburg, Hirmer, Engelhorn, Breuninger and Leffers. Shandong Ruyi Group became a majority partner of the company inJanuary 2014.
About the Shandong Ruyi Group
SHANDONG RUYI is one of the world’s leading textile groups, with over 20 production operations ranging from the spinning mill to the weaving mill on to the finishing of high-quality wools and cotton. In 2013 the company realised sales of over USD 5 billion and employs around 40,000 people worldwide. In Europe SHANDONG RUYI has been known above all as a supplier of sophisticated worsted and carded yarn fabrics. In Europe the Shandong Ruyi Group already has shareholdings, among others, in the Harris Tweed weaver “Carloway Mills” in Scotland.
Source: prnewswire.co.uk
