Chinese firms enter JV for new textile biz 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.