TOKYO — Japanese apparel manufacturer and distributor Renown Inc. said Monday it will issue about 4 billion yen, or $44.4 million, worth of new shares to Chinese textile manufacturing company Shandong Ruyi Science & Technology Group.
Shandong Ruyi will become Renown’s largest shareholder with a stake of 41 percent. Shandong Ruyi’s current client base includes international brands and retailers such as Hugo Boss, Oxford Shop, J. Philipp and El Corte Inglés.
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