The deal includes brands such as Lycra, Lycra HyFit, Lycra T400, L by Lycra, Coolmax, Thermolite, Elaspan, Supplex, Tactel, and Terathane. The new standalone business will operate as The Lycra Company, an independent subsidiary.

Shandong Ruyi Investment Holding, one of the leading textile and apparel companies in China, has completed its acquisition of US-based fibre producer Invista's Apparel and Advanced Textiles business (A&AT) – including its Lycra spandex/elastane brand.

The transaction, which was first announced in October 2017, includes all associated assets and contracts.

The new company will operate as The Lycra Company, an independent subsidiary, and will continue to manufacture advanced fibre and technology solutions for the apparel and hygiene industries. As well as Lycra, the purchase includes brands such as Lycra HyFit, Lycra T400, L by Lycra, Coolmax, Thermolite, Elaspan, Supplex, Tactel, and Terathane.

"We are fortunate to be purchased by Ruyi, a company that shares our vision and our commitment to delivering high-quality products, technical expertise, and unmatched marketing support to our valued customers," says Dave Trerotola, CEO of The Lycra Company.

"With the continued investment of Ruyi, we look forward to working with our customers to bring exciting innovations to market. Our new shareholder's textile and retail experience will be a tremendous asset as we develop differentiated fibres that deliver the lasting performance benefits consumers have come to know and expect from our brands."

The transaction also includes eight manufacturing facilities, four research and development labs, 17 offices located in 14 countries around the world, and about 3,000 employees. Current leadership and employees will continue in their roles with the new company.

"As a spandex producer ourselves, we have admired the iconic Lycra brand for years, and we see the value The Lycra Company adds to our business," says Yafu Qiu, chairman of the board of Shandong Ruyi Investment Holding. "We believe its assets and capabilities are a perfect complement to our own and will help strengthen our position as a world-class, fully-integrated textile company."

The Ruyi Group focuses on a vertical operation spanning from raw materials and textile processing, to the design and sale of apparel. Since 2016, the group has acquired several international luxury brands including Aquascutum, Sandro, Maje, and Claudie Pierlot.