TOKYO — Japanese trading company Itochu Corporation said Wednesday that it will buy a 30 percent stake in Chinese textile and clothing manufacturer Shandong Ruyi Group for about 15 billion yen, or $200 million.
Itochu aims to use its relationship with Shandong Ruyi to expand its activities in China's apparel sector. The Japanese company already has factories throughout Asia and a presence in China and Hong Kong's textile industry.
Itochu said it plans to leverage Shandong Ruyi's production base in China and develop an apparel brand business specifically for the Chinese market.
Shandong Ruyi is currently the largest shareholder in Japanese apparel manufacturer Renown Inc. with a 41 percent stake. Through the Shandong deal, Itochu will obtain an indirect stake in Renown.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)