Shandong Ruyi Investment Holding, a textile and apparel company, is set to acquire a majority stake in Bally International, a footwear manufacturer, from Austrian investment firm JAB Holding, for $600m. JAB will retain a minority interest in the brand, while Bally's management team will reinvest alongside Ruyi. “Bally is one of the most important luxury shoe and leather accessories brands with a heritage going back more than a century. Bally’s history and its products greatly complement our existing strength in ready-to-wear apparel. We are extremely excited to begin this new journey of Bally alongside JAB and the Bally management team. We look forward to supporting Bally in achieving its continued growth and enhancing its brand globally," Yafu Qiu, Shandong Ruyi Group Chairman.