Shandong Ruyi lays out plan for more overseas acquisitions
(chinadaily.com.cn)| Updated : 2018-10-22Print Print
Shandong Ruyi Group, a world-leading textile manufacturer, is stepping up its plan to takeover more renowned international luxury brands as part of its goal to reach the top of the global fashion pyramid.
"Ruyi has nudged into the top 16 among the global top 100 luxury brands, together with well-known brands such as Dior and Louis Vuitton," said Li Yunpeng, the director of brand publicity in Ruyi Group on Oct 19.
Headquartered in Jining city of Shandong province and founded in 2001, it has developed into a global fashion and luxury company in less than 20 years.
In May 2010, Shandong Ruyi became the largest shareholder of Japanese clothing brand operator Renown in a deal worth around 4 billion yen ($35 million). The acquisition was the first time a Chinese textile company had bought a listed Japanese company.
In the following years, the company has frequently taken over famous overseas fashion brands, making it the most active Chinese buyer in the international fashion market.
According to Li, Ruyi Group makes efforts to integrate global resources and attract the world's most outstanding designers. Moreover, it aims to promote its research and development ability by learning from these international brands which are bought in the process of overseas acquisition.
"Through overseas acquisition, Ruyi gains not only excellent brand resources but more valuable management experience and human resources," Li said.
To date, Ruyi has taken over a third of the high-end brands in Italy, Britain, France and Japan such as British luxury brand Aquascutum and Swiss luxury clothing brand Bally International AG.
The company has a world-leading design team, and will launch its own high-end fashion brand in China with the Chinese name of Ruyi and the English name of Royal Ruyi, according to Li.
It will also invest 10 billion yuan to establish more fashion and science and technology industrial parks and build up its new retail ecosystem of textile designers, shopping guides and consumers.
The production line at Ruyi Group in East China's Shandong province. [Photo provided to chinadaily.com.cn]
Ruyi products are selected as a gift for foreign guests at the 2018 Shanghai Cooperation Summit. [Photo provided to chinadaily.com.cn]
Foreign media delegations visit Ruyi Group in East China's Shandong province. [Photo provided to chinadaily.com.cn]