One of the last remaining independent fashion houses in France is independent no longer. Sonia Rykiel has announced that Fung Brands, a luxury investment firm backed by two Hong Kong billionaires, will take an 80 percent stake in the label. Financial details were not disclosed.
The Rykiel family will hold the remaining 20 percent stake, and Nathalie Rykiel, Sonia’s daughter and current brand president, has been named vice chairman of the board.
Sonia Rykiel posted sales of 90 million euros ($119 million) in 2010, roughly flat versus the previous year. The companies noted that Rykiel would benefit from “Fung Brands’ know-how, its knowledge of the sector and access to international markets.” The goal is to develop the house into “a true global brand of international luxury.”
Fung Brands also holds majority stakes in French footwear brand Robert Clergerie and Belgian leather goods house Delvaux.