The luxury shoeware and accesories firms, recently acquired by Shandong Ruyi, signed a deal with distributor Libson Group to establish a shop in Buenos Aires.
A new Swiss enterprise arrived to Argentina in February. Bally, the luxury shoes and accesories firm, was able to establish comercial operations in Buenos Aires through a partnership with Libson Group, a brand distributor that is managing Bally’s merchandising for the opening of its first shop in the country, in Patio Bullrich mall.
“After the change in the country’s administration, we have noticed big luxury brands are greatly interested in returning to the country. We consider there is an apetite for luxury items in Argentina and, given the past importation issues, there is room to improve the market transactions“, said Anabella Weber, Business Development Manager of Libson Group during an interview with the local paper El Cronista.
Bally will open its Buenos Aires subsidiarie before the first semestre of 2018 ends. The company will share a space in Patio Bullrich with firms like Max Mara, Hugo Boss or Salvatore Ferragamo. The shoe company arrived at Latin America in March 2015, with a shop in Avenida Presidente Masaryk, Mexico City.
The Chinese textile conglomerate Shandong Ruyi, acquired the majority of the stakes in Bally on February 9th. The Swiss shoemaker used to be controlled by the Jab Luxury fund. The exact price of the transaction is not yet disclosed. But, last year it was estimated to reach $700 million dollars. Shandong Ruyi owns Sandro, Maje and Claudie Pierlot. Jab Luxury made an offer for Bally in april 2017 after selling Jimmy Choo to Michael Kors, following its current strategy to detach from its luxury brands and focus on consumer products.
Bally was founded in 1851 by brothers Carl Franz and Fritz Bally. The enterprise has 750 selling points in 66 different territories and almost 10.000 employees. Aproximately 50% of its income corresponds to the selling of shoeware.