Shandong Ruyi Will Set Up A Joint Venture With Japan's Garment Giant In China.

Core tip: according to Japanese media reports, the Japanese garment giant RENOWN, which is undergoing restructuring, announced on the 14 day that it will work with the Chinese textile giant Shandong. Ruyi Technology Group set up a joint venture in Beijing. The new company will sell RENOWN clothing in China, and strive to open more than 2 thousand stores in 10 years, with annual sales of over 100 billion yen. Ruyi group It will invest about 4 billion yen to RENOWN and become the largest shareholder holding about 40%.

According to Japanese media reports, the Japanese garment giant RENOWN, which is undergoing restructuring, announced on the 14 day that it will join the Chinese textile giant Shandong. Ruyi Technology Group set up a joint venture in Beijing. The new company will sell RENOWN clothing in China, and strive to open more than 2 thousand stores in 10 years, with annual sales of over 100 billion yen. Ruyi group will invest about 4 billion yen to RENOWN and become the largest shareholder holding about 40%.

RENOWN chief executive Nu Nu Nen pointed out at the press conference that "China has a larger market than Japan, and the middle income level will also increase", emphasizing that the goal of 2 thousand stores can be achieved.

The joint venture company will be established before March 2011, and RENOWN will contribute more than 50%. The new company will run four main brands of RENOWN sold in Japan and plan to enter the Asian market outside China.