Under the terms of the agreements, JAB Holdings will retain a minority interest in the company while Bally’s management team will reinvest alongside Shandong Ruyi Group. The transaction remains subject to closing conditions including customary regulatory approvals.

“Bally has wonderful momentum and huge potential. I would like to recognise the extraordinary commitment and talent of our teams in reinventing and contemporising the company. The arrival of Shandong Ruyi Group and their vision will significantly accelerate our growth in key segments and territories as we complete the turnaround of this iconic brand.”, said Frédéric de Narp, CEO, Bally.

Headquartered in Jining, Shandong, Shandong Ruyi Investment Holding is one of the largest textile manufacturers in China and leads the top 500 ranking of textile and apparel companies in the country. It operates 13 domestic industrial parks and boasts some of the largest production lines and advanced technologies in China.