JAPAN: Shandong Ruyi increases stake in Renoun
Chinese Textile firm Shandong Ruyi has increased its stake in Japanese apparel company Renown to 53.33%.
The firm invested JPY4bn in a 41% stake in Renoun during 2010, which was the first major investment by a Chinese firm in the Japanese apparel market.
Renoun said on Friday (12 April) that following the initial investment, the Japanese economy has faced increased challenges in the shadow of the Great East Japan Earthquake. The company said it now needs to expand, particularly in e-commerce.
Under the deal, Renoun will issue 20.36m new shares valued at JPY2.9bn.
Renoun said that as part of the deal, the two companies will work together more closely, through reducing costs by sharing of technologies and knowledge and making effective use of Shandong Ruyi's factories in China.
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