Bloomberg News

Billionaire Fung Brothers in Talks to Buy 80% of Sonia Rykiel

January 26, 2012

Jan. 26 (Bloomberg) -- Fung Capital Ltd., the investment arm of billionaire brothers Victor and William Fung, is in talks to buy an 80 percent stake in French fashion house Sonia Rykiel.

The partnership will be based on Fung Brands Ltd. obtaining the holding in Sonia Rykiel, according to a statement today from both companies today. The Rykiel family, which founded the brand in 1968, will remain a shareholder with 20 percent of equity. Fung Brands is a unit of Fung Capital.

The Fung family is the largest shareholder in Hong Kong- listed Li & Fung Ltd., the biggest supplier of consumer goods to retailers such as Wal-Mart Stores Inc. and Marks & Spencer Group Plc.

Victor and William Fung declined to comment on the talks, according to Estelle Guillot Tantay, hired by Fung Brands to handle public relations.

To contact the reporter on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net

To contact the editor responsible for this story: Anjali Cordeiro at acordeiro2@bloomberg.net


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