Following months of speculation about a possible IPO, Ruyi has announced that it is preparing to list the Lycra Company on China’s newly created Science and Technology Innovation Board as it looks to push growth in Asia.
Fully equipped with knitting, weaving, dyeing and finishing machinery, the centre has been created to help mills, brands and retailers throughout Asia create fabrics and garments using Lycra’s textile solutions.
Following its acquisition of Invista's Lycra division, Chinese group Shandong Ruyi is reportedly planning to launch a $500 million IPO for the business, now operating as The Lycra Company, within the next three years.
The fashion industry generates tons of fabric waste each year, notably in New York -- one of the world's shopping capitals and host twice a year to runway shows, a major contributor to the wider problem.
China’s Shandong Ruyi is continuing its growth-through-acquisition strategy with the textile and apparel conglomerate saying it has finally completed its acquisition of Invista’s Apparel & Advanced Textiles business.