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Itochu to acquire 30% share in apparel firm Shandong Ruyi
01 Sep '11
1 min read
In its bid to expand in China's clothing sector, Itochu Corp, a Japanese trading firm which owns textile plants across Asia including China, Japan and Hong Kong, is set to acquire a 30 percent stake in Chinese apparel company Shandong Ruyi Group.
The approximately US$ 200 million deal will make the Japanese firm the second largest shareholder in Shandong Ruyi.
Itochu plans to increase trade of wool and other items with the Chinese company and double Shandong Ruyi's sales from its current year's target of 200 billion yen to 400 billion yen.
When the deal concludes in October, Itochu would also get an indirect share of nearly 12 percent in Japan's Renown Inc, in which Shandgong Ruyi owns a 41 percent share.
The approximately US$ 200 million deal will make the Japanese firm the second largest shareholder in Shandong Ruyi.
Itochu plans to increase trade of wool and other items with the Chinese company and double Shandong Ruyi's sales from its current year's target of 200 billion yen to 400 billion yen.
When the deal concludes in October, Itochu would also get an indirect share of nearly 12 percent in Japan's Renown Inc, in which Shandgong Ruyi owns a 41 percent share.
Fibre2fashion News Desk - India
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