Chinese textile company Yong Sheng has acquired French lace producer Desseilles Laces SAS for 300,000 euros, or $341,406 at current exchange.

Yong Sheng is a Hangzhou-based, privately owned enterprise, which has been operating in the textile industry for over 20 years.

Founded 70 years ago, Desseilles is one of the oldest lace producers in France. It had been reported that the company was on the verge of bankruptcy and had started the liquidation process before the acquisition.

The purchase will give Yong Sheng its first production base outside China and is expected to offer Desseilles the opportunity to diversify.

“We figure that we can lower costs by finding less expensive raw material and cut dyeing costs. We also believe that there is a huge market for high-end lace in China,” said Jason Li, assistant to the chairman at Yong Sheng.

This news comes hot on the heels of last week’s news that China’s Shangdong Ruyi Group bought France’s SMCP Group, owner of the Sandro and Maje brands.