A group of financial institutions, comprising Lindeman Asia, Lindeman Partners Asset Management, Tor Investment Management, and China Everbright Limited (“New Shareholders”), have gained full equity control of The Lycra Company. The current management team of The Lycra Company will continue to run the business under the new owners. Julien Born will continue to serve as CEO.
The change of equity control follows the conclusion of the receivership process that started in February when the New Shareholders initiated an enforcement action against Ruyi Textile and Fashion International Group Limited, the former parent of The Lycra Company, for loan defaults associated with its purchase of The Lycra Company in January 2019. The Lycra Company, Wilmington, DE/USA, innovates and produces fiber and technology solutions for the apparel and personal care industries.
With its new ownership and governance in place, The Lycra Company will continue to focus on accelerating the implementation of its vision, including sustainable solutions that advance circularity, strategic technology partnerships to develop and scale up a wider range of innovative materials, and ongoing digital transformation initiatives. This is fully supported by the new shareholders who have a proven track record of financing and investing in companies across Asia and globally and working with Boards of Directors on business and operational plans to enhance long-term value creation. The new shareholders are committed to further helping The Lycra Company strengthen its financial position and enable its long-term growth.