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HK billionaires buy fashion brand Sonia Rykiel

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Sonia Rykiel, the Parisian fashion brand known for brightly coloured striped woollen outfits, has sold control to Hong Kong investors to give it the financial firepower to enter major markets such as China and the United States.

Fung Brands, an investment company backed by Hong Kong billionaires Victor and William Fung, is acquiring 80 percent of Sonia Rykiel, with the founding family retaining a 20 percent stake. Financial terms were not disclosed.

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