Fung Group and Ruyi Group to jointly develop textile business in Africa

Fung Group and Ruyi Group have announced a strategic partnership to jointly develop new growth opportunities in the global textile and garment sector, specifically in the emerging Africa market. The company said that this strategic partnership will combine Fung Group's downstream network, brand expertise and leading sourcing and production platform across 50 export markets worldwide and Ruyi Group’s upstream competitiveness derived from nearly five decades’ experience in textile raw material cultivation, weaving and spinning, apparel manufacturing as well as its portfolio of brands.

Speaking at the signing, Fung Group Chairman Victor Fung, said in a statement: “With Africa set to become the up-and-coming sourcing market, the complementary strategic alliance with Ruyi Group will allow the two groups to combine strengths and explore this promising market for our customers.”

The tie-up will, Fung Group added, create multiple collaboration opportunities for the two companies to bring new product offerings, specifically of denim, shirts, men’s suiting fabrics and apparel, to customers.

“Africa is an important market for us and we believe with the right partner like Fung Group armed with an extensive network of suppliers, brands and retailers, we can accelerate business development in the market, making another step closer to achieving our goal of building the world’s largest global and most comprehensive vertically integrated textile and fashion business,” added Yafu Qiu, Chairman of Ruyi Group to the statement.

Picture credit:Fung Group