Textile giants Fung Group and Ruyi Group have announced a strategic partnership with a specific focus on the African market. The collaboration will create new product offerings, specifically denim, shirts and menâ€™s suiting fabrics and apparel.
In a statement, the businesses said the partnership â€œwill combine Fung Groupâ€™s downstream network, brand expertise, and leading sourcing and production platform across 50 export markets worldwide, and Ruyi Groupâ€™s upstream competitiveness derived from nearly five decadesâ€™ experience in textile raw material cultivation, weaving and spinning, apparel manufacturing, as well as its portfolio of brandsâ€.
The companies said the partnership will be well-positioned to offer new and existing customers with â€œcompetitive products, disruptively priced and delivered efficiently in exceptionally short lead time.â€
The statement added: â€œThe partnership will jointly develop the African market â€“ an emerging market with promising growth potential â€“ creating there one of the biggest end-to-end textile and apparel ecosystems in the worldâ€.
Victor Fung, chairman of Fung Group, said: â€œWe have a leading global supply chain production and services platform and always look to forge strategic partnerships that will strengthen our competitiveness in the upstream supply chain. 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.â€
Yafu Qiu, chairman of Ruyi Group, added: â€œAfrica is an important market for us and we believe, with Fung Group armed with an extensive network of suppliers, brands and retailers, we can accelerate business development in the market.â€
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