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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Shandong Ruyi Woolen Garment Group Co., Ltd.    002193   CNE1000008G0

SHANDONG RUYI WOOLEN GARMENT GROUP CO., LTD.

(002193)
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China's Shandong Ruyi votes out top execs at Japan's Renown

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03/26/2020 | 02:51am EDT

Japanese apparel maker Renown Inc said the company's top executives were voted out of its board on Thursday by China's Shandong Ruyi, its parent company.

The ouster is the latest scuffle involving Shandong Ruyi, which has pursued global brands with an ambition to become China's LVMH but faces financing woes.

Renown said CEO Yoshiyuki Jinbo and Chairman Minoru Kitabatake failed to be reappointed at its annual general meeting, with opposition from Shandong Ruyi.

Renown, a storied apparel maker with a collection of men?s and women?s clothing brands, has struggled with years of losses and recently reported it was struggling to collect over 5 billion yen ($45.2 million) in debts from its Chinese parent.

Shandong Ruyi emerged as a leading shareholder in Renown a decade ago and has since become its majority stakeholder.

The Chinese group has spent billions of dollars to buy a range of European luxury brands and Asian labels, including French fashion house SMCP and Britain?s Aquascutum.

But it has been facing increasing refinancing pressure due to the debt it took on for these deals and has also been hit by the impact of the global coronavirus outbreak.

(Reporting by Ritsuko Ando and Junko Fujita; Editing by Shri Navaratnam and Stephen Coates)


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -4.62% 21.66 Delayed Quote.313.09%
JUST GROUP PLC -2.83% 45.32 Delayed Quote.-40.96%
LVMH MOËT HENNESSY - LOUIS VUITTON SE -1.46% 421.75 Real-time Quote.3.33%
SHANDONG RUYI WOOLEN GARMENT GROUP CO., LTD. 0.15% 6.88 End-of-day quote.-12.47%
THE GLOBAL LTD. 3.70% 224 End-of-day quote.-52.44%
THE NEW HOME COMPANY INC. -1.19% 5 Delayed Quote.8.58%
WILL GROUP, INC. -0.59% 847 End-of-day quote.-32.35%
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Financials
Sales 2019 1 150 M 171 M 171 M
Net income 2019 48,2 M 7,18 M 7,18 M
Net Debt 2019 1 240 M 185 M 185 M
P/E ratio 2019 43,7x
Yield 2019 -
Capitalization 1 801 M 269 M 268 M
EV / Sales 2018 2,10x
EV / Sales 2019 2,87x
Nbr of Employees 3 028
Free-Float 51,2%
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Managers
NameTitle
Yuan Shu Du General Manager & Director
Ya Fu Qiu Chairman
Yan Bao Li Chairman-Supervisory Board
Yi Ying Zhang Chief Accounting & Financial Officer
Ke Lin Wang Chief Engineer
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