China¡¯s textile group Shandong Ruyi will buy a 41 percent stake from Japanese apparel maker Renown Inc, making it the largest shareholder.

China’s textile group, Shandong Ruyi, will take a 41 percent stake from Japanese apparel maker Renown Inc, making it the largest shareholder.
 
The deal will give Shandong Ruyi a platform for expanding its presence in Japan while providing Renown, a loss-making collection of clothing brands, with a partner to increase its sales in the fast-growing Chinese market.
 
Chinese companies have made a series of relatively small acquisitions in Japan in the past few years, a reflection of the growing economic clout of China, which is on a path to overtake Japan as the world's second-largest economy.
 
Last year China's Suning Appliance Co (002024.SZ) purchased a 27 percent stake in electronics retailer Laox, and earlier this year Chinese car and battery maker BYD Co (1211.HK) bought a factory from Japanese metal die manufacturer Ogihara Corp.
 
Renown said it would sell shares to Shandong Ruyi at 120 yen each, a 15 percent discount to Friday's close.
 
Shares of Renown shot up 35.5 percent on Monday after weekend media reports of the deal.

 

Welcome to Post Your News, Please Contact: news@globalintimatewear.com
All Copyright Reserved, Please Indicate Info Originated from Globalintimatewear.com When Reprinting.