Lycra, one of the global leaders in the production of fibers and technology solutions for the textile, apparel and personal care industries, has announced that a group of financial institutions–consisting of Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management and China Everbright Limited–has acquired full equity control of the company.
The change in the shareholding structure follows the conclusion of the receivership process subsidiary that began in February 2022, when the new shareholders initiated enforcement proceedings against Ruyi Textile and Fashion International Group Limited, the former owners of The Lycra Company, for their loan repayment defaults associated with the purchase of The Lycra Company in January 2019.
The Lycra company is a global player in the textile industry through its globally recognized brands–including Lycra, Coolmax and Thermolite–, its services offered throughout the global supply chain and its over 800 patents that have helped it build strategic relationships with many manufacturers, brands and retailers.
Under new ownership and governance, The Lycra Company will accelerate the development of sustainable and innovative solutions that promote the idea of circular economy and strategic technology partnerships to develop and scale a wider range of innovative materials, as well as amplify the transformation of digital initiatives already underway.
"The Lycra Company's portfolio of brands is unmatched in the industry and its financial performance is consistently positive and growing," added a representative of the new Board of Directors. "We continue to have the utmost confidence in the management of The Lycra Company and now, with such solid institutional governance, we are even more optimistic about the company's future."