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Renown to come under China's Shandong Ruyi
24 May '10
1 min read
According to sources, struggling Japanese garment manufacturer, Renown Inc, has entered its final stages of inking a deal to come under the wings of key Chinese textile firm, Shandong Ruyi.
With the help of a third-party distribution of shares, Ruyi is intending to invest billions of yen to acquire atleast 40 percent stake in Renown, thereby, turning in to a major stakeholder of the Japanese firm.
Ruyi, with the help of this investment, will also be in a position to procure Renown's popular brand, D'urban. Renown on the other hand, wants to make the best use of Ruyi's sales network so as to increase its business in China.
By the end of February this fiscal, Renown had secured sales amounting to 129 billion yen, which had dipped by 17.3 percent as compared to last year, thereby, making a total loss of 10.9 billion yen, for the fourth consecutive year.
With the help of a third-party distribution of shares, Ruyi is intending to invest billions of yen to acquire atleast 40 percent stake in Renown, thereby, turning in to a major stakeholder of the Japanese firm.
Ruyi, with the help of this investment, will also be in a position to procure Renown's popular brand, D'urban. Renown on the other hand, wants to make the best use of Ruyi's sales network so as to increase its business in China.
By the end of February this fiscal, Renown had secured sales amounting to 129 billion yen, which had dipped by 17.3 percent as compared to last year, thereby, making a total loss of 10.9 billion yen, for the fourth consecutive year.
Fibre2Fashion News Desk - India
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