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{{Short description|Chinese clothing company}}
{{update|date=January 2020}}
{{Infobox company
{{Infobox company
| name = Ruyi Group
| name = Shandong Ruyi Technology Group Co., Ltd
| logo =
| logo =
| logo_size = 70px
| logo_size = 70px
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| logo_caption =
| logo_caption =
| logo_padding =
| logo_padding =
| image = RuYi Logo.svg
| image =
| image_size =
| image_size =
| image_alt =
| image_alt =
| image_caption =
| image_caption =
| trading_name = Shandong Ruyi Woolen Garment Group Co., Ltd.
| trading_name = Shandong Ruyi Woolen Garment Group Co., Ltd.
| native_name = 如意集团
| native_name = 山东如意科技集团
| native_name_lang = zh
| native_name_lang = zh
| romanized_name =
| romanized_name =
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| traded_as = {{szse|002193}}
| traded_as = {{szse|002193}}
| ISIN =
| ISIN =
| ISIN2 =
| industry = Textiles and clothing
| industry = Textiles and clothing
| predecessor = <!-- or: | predecessors = -->
| predecessor = <!-- or: | predecessors = -->
| successor = <!-- or: | successors = -->
| successor = <!-- or: | successors = -->
| founded = 1972 in [[China]]<!-- if known: {{Start date and age|YYYY|MM|DD}} in [[Jining]], [[Shandong]], [[China]] -->
| founded = 1972 in China<!-- if known: {{Start date and age|YYYY|MM|DD}} in [[city]], [[state]], [[country]] -->
| founder = <!-- or: | founders = -->
| founder = <!-- or: | founders = -->
| hq_location =
| hq_location =
| hq_location_city = [[Jining]]
| hq_location_city = [[Jining]]
| hq_location_country = [[China]]
| hq_location_country = China
| num_locations =
| num_locations =
| num_locations_year = <!-- Year of num_locations data (if known) -->
| num_locations_year = <!-- Year of num_locations data (if known) -->
| area_served = <!-- or: | areas_served = -->
| area_served = <!-- or: | areas_served = -->
| key_people = Yafu Qiu (President of the Board)
| key_people = Yafu Qiu (chair)
| products =
| products =
| brands = [[:fr:Groupe SMCP|SMCP]], [[Aquascutum]], [[Renown (company)|Renown Inc.]]
| brands = [[Aquascutum]], [[Renown (company)|Renown Inc.]]
| production =
| production =
| production_year = <!-- Year of production data (if known) -->
| production_year = <!-- Year of production data (if known) -->
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'''Shandong Ruyi Technology Group Co., Ltd''' is a Chinese textiles and clothing company. Founded in 1972 in [[Jining]], China, it is a subsidiary of Jining Ruyi Investment Co., Ltd.<ref name="Bloomberg profile"/> As of 2017, Ruyi Group was the largest textile manufacturer in China.<ref name="AMERICA"/> It owns or part-owns brands including [[Aquascutum]], and [[Renown (company)|Renown Inc.]] and has expressed ambitions to become the Chinese equivalent of [[LVMH]].<ref>{{Cite web|last=Ang|first=Katerina|date=2019-03-19|title=The race is on to be the first Chinese fashion giant|url=https://www.voguebusiness.com/companies/luxury-goods-conglomerate-china-lvmh|archive-url=|archive-date=|access-date=2020-08-01|website=Vogue Business|language=en-GB}}</ref>
'''Ruyi Group'''（如意集团）, also known as Shandong Ruyi, is a Chinese textiles and clothing giant. Founded in 1972 in Jining, China, Ruyi Group was formerly known as Shandong Jining Woolen Factory. The company has become a fully-integrated enterprise with a portfolio of world-renowned accessible luxury brands. Ruyi Group owns 4 publicly-listed companies globally, including A-share listed company Ruyi Group, SMCP listed in France, Renown Incorporated listed in Japan and Trinity Limited listed in Hong Kong.

== History ==
The company was founded in 1972 as Shandong Jining Woolen Factory, and Ruyi Group was founded in 2001. Qiu Yafu is currently the President of the Board at Ruyi Group. Ruyi Group has now become a well-known fashion group integrating design, production and sales. It ranks first among China Top 500 Textile & Garment Enterprises and is a Top 100 Chinese multinational company. It has the largest and most complete wool and textile industry chain and owns various proprietary patents in China.

Ruyi Group has established a complete quality management system and environmental management system. It has passed the IS09001 quality management system certification in 1996 and IS014001 environmental management system certification in 2002.


==History==
===1972–2000===
===1972–2000===
The company was founded in 1972, and was formerly known as Shandong Jining Woolen Mill, and is based in Jining, China. It is a subsidiary of Jining Ruyi Investment Co., Ltd.<ref name="Bloomberg profile">{{cite web|title=Company Overview of Shandong Ruyi Technology Group Co.,Ltd|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=116449432|website=Bloomberg LP|accessdate=19 February 2018}}</ref> Future chair Qiu Yafu became vice president in late 1992 of Shandong Ruyi Woolen Textiles Group Co Ltd, and president in late 1996. In late 1997 he then became chairman and president, roles he held until 2002.<ref name="CHAIR"/>
The company was founded in 1972, and was formerly known as Shandong Jining Woolen Mill, and is based in Jining, China. It is a subsidiary of Jining Ruyi Investment Co., Ltd.<ref name="Bloomberg profile">{{cite web|title=Company Overview of Shandong Ruyi Technology Group Co., Ltd|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=116449432|website=Bloomberg LP|accessdate=19 February 2018}}</ref> Future chair Qiu Yafu became vice president in late 1992 of Shandong Ruyi Woolen Textiles Group Co Ltd, and president in late 1996. In late 1997 he then became chairman and president, roles he held until 2002.<ref name="CHAIR"/>


===2001–2016===
===2001–2016===
Shandong Ruyi was founded as is in 2001.<ref name="CHINADAILY">[http://www.chinadaily.com.cn/a/201802/14/WS5a839992a3106e7dcc13cb26.html "Shandong Ruyi furthers global dreams with Bally buy"], Zhu Wenqian in Beijing and Ju Chuanjiang, ''[[China Daily]]'', February 14, 2018</ref> Qiu Yafu was chairman and president of Shandong Ruyi Science & Technology Group from August 2002 until August 2008, when he became only chairman.<ref name="CHAIR">[https://www.bloomberg.com/profiles/people/16162491-yafu-qiu "Yafu Qiu"], ''Bloomberg''</ref> He is also currently president of Shandong Ruyi Woolen Textiles Group Co Ltd.<ref name="CHAIR"/> In 2010, it purchased a 41 percent stake in [[Renown (company)|Renown Inc.]], a Japanese apparel maker, for $36.8 billion, becoming its largest stakeholder.<ref name="CHINADAILY"/>
Shandong Ruyi was founded as is in 2001.<ref name="CHINADAILY">[http://www.chinadaily.com.cn/a/201802/14/WS5a839992a3106e7dcc13cb26.html "Shandong Ruyi furthers global dreams with Bally buy"], Zhu Wenqian in Beijing and Ju Chuanjiang, ''[[China Daily]]'', February 14, 2018</ref> Qiu Yafu was chairman and president of Shandong Ruyi Science & Technology Group from August 2002 until August 2008, when he became only chairman.<ref name="CHAIR">[https://www.bloomberg.com/profiles/people/16162491-yafu-qiu "Yafu Qiu"], ''Bloomberg''</ref> He is also currently president of Shandong Ruyi Woolen Textiles Group Co Ltd.<ref name="CHAIR"/> In 2010, it purchased a 41 percent stake in [[Renown (company)|Renown Inc.]], a Japanese apparel maker, for $36.8 million, becoming its largest stakeholder.<ref name="CHINADAILY"/>

As of 2016, it also owned Hong Kong-based menswear group Trinity. Trinity Ltd was purchased for $283.88 million.<ref name="reuters.com"/> In December 2016, [[Aquascutum]], a British luxury clothing manufacturer, was due to be sold for $120m (£97m) to two buyers, one of which was Shandong Ruyi.<ref name="BBCaqua">{{cite web|url=https://www.bbc.com/news/business-38404407|title=Raincoat maker Aquascutum sold for £97m|author=|date=22 December 2016|publisher=|accessdate=20 February 2018|via=www.bbc.com}}</ref> It was sold to Shandong Ruyi for $117 million.<ref name="reuters.com"/>
As of 2016, it also owned Hong Kong-based menswear group Trinity. Trinity Ltd was purchased for $283.88 million.<ref name="reuters.com"/> In December 2016, [[Aquascutum]], a British luxury clothing manufacturer, was due to be sold for $120m (£97m) to two buyers, one of which was Shandong Ruyi.<ref name="BBCaqua">{{cite web|url=https://www.bbc.com/news/business-38404407|title=Raincoat maker Aquascutum sold for £97m|author=|date=22 December 2016|publisher=|accessdate=20 February 2018|via=www.bbc.com}}</ref> It was sold to Shandong Ruyi for $117 million.<ref name="reuters.com"/>


As of 2016, Shandong Ruyi owned the French company [[:fr:Groupe SMCP|SMCP]], owner of fashion brands [[Sandro]], {{ill|Maje (brand)|lt=Maje|fr|Maje}} and Claudie Pierlot.<ref name="reuters.com">{{cite web|url=https://www.reuters.com/article/bally-ma-shandongruyi/chinas-shandong-ruyi-expands-fashion-empire-with-bally-idUSL8N1PZ61T|title=China's Shandong Ruyi expands fashion empire with Bally|author=|date=9 February 2018|publisher=|accessdate=19 February 2018|via=Reuters}}</ref><ref name="drapersonline.com">{{cite web|url=https://www.drapersonline.com/news/shandong-ruyi-snaps-up-bally/7029005.article|title=Shandong Ruyi snaps up Bally|author=|date=|website=[[Drapers]]online.com|accessdate=19 February 2018}}</ref> It purchased the majority stake in SCMP in 2016 for £1.15 billion<ref name="GUARDIANgian"/> after six months of negotiations.<ref name="REUTERSnegotations">[https://www.reuters.com/article/us-scmp-m-a-china/chinas-shandong-ruyi-says-it-will-take-over-french-fashion-firm-smcp-idUSKCN0WY36W "China's Shandong Ruyi says it will take over French fashion firm SMCP"], [[Reuters]], March 31, 2016</ref> SMCP CEO [[Daniel Lalonde]] said that the investment would fund SMCP's growth overseas, particularly in Asia.<ref name="KKRSCMP">[https://www.nytimes.com/2016/04/01/business/dealbook/kkr-smcp-shandong-ruyi-china.html "K.K.R. Selling Stake in the Fashion Group SMCP to Shandong Ruyi of China"], Elizabeth Paton, ''The New York Times'', April 1, 2016</ref> SMCP was then taken public in 2017,<ref name="reuters.com"/> with Shandong Ruyi maintaining its stake.<ref>[https://www.reuters.com/finance/stocks/002193.SZ/key-developments/article/3673659 "French fashion group SMCP envisaging IPO by end-2017"], Reuters, September 18, 2017</ref>
As of 2016, Shandong Ruyi owned the French company [[:fr:Groupe SMCP|SMCP]], owner of fashion brands [[Sandro]], {{ill|Maje (brand)|lt=Maje|fr|Maje}} and Claudie Pierlot.<ref name="reuters.com">{{cite web|url=https://www.reuters.com/article/bally-ma-shandongruyi/chinas-shandong-ruyi-expands-fashion-empire-with-bally-idUSL8N1PZ61T|title=China's Shandong Ruyi expands fashion empire with Bally|author=|date=9 February 2018|publisher=|accessdate=19 February 2018|via=Reuters}}</ref><ref name="drapersonline.com">{{cite web|url=https://www.drapersonline.com/news/shandong-ruyi-snaps-up-bally/7029005.article|title=Shandong Ruyi snaps up Bally|author=|date=|website=[[Drapers (magazine)|Drapers]]online.com|accessdate=19 February 2018}}</ref> It purchased the majority stake in SMCP in 2016 for £1.15 billion<ref name="GUARDIANgian"/> after six months of negotiations.<ref name="REUTERSnegotations">[https://www.reuters.com/article/us-scmp-m-a-china/chinas-shandong-ruyi-says-it-will-take-over-french-fashion-firm-smcp-idUSKCN0WY36W "China's Shandong Ruyi says it will take over French fashion firm SMCP"], [[Reuters]], March 31, 2016</ref> SMCP CEO [[Daniel Lalonde]] said that the investment would fund SMCP's growth overseas, particularly in Asia.<ref name="KKRSCMP">[https://www.nytimes.com/2016/04/01/business/dealbook/kkr-smcp-shandong-ruyi-china.html "K.K.R. Selling Stake in the Fashion Group SMCP to Shandong Ruyi of China"], Elizabeth Paton, ''The New York Times'', April 1, 2016</ref> SMCP was then taken public in 2017,<ref name="reuters.com"/> with Shandong Ruyi maintaining its stake.<ref>[https://www.reuters.com/finance/stocks/002193.SZ/key-developments/article/3673659 "French fashion group SMCP envisaging IPO by end-2017"], Reuters, September 18, 2017</ref>


===2017–2018===
===2017–2020===
In November 2017, the company offered to buy a 54% controlling stake of menswear supplier Bagir for $16.5 million, due to complete on 31 August 2018.<ref name="drapersonline.com"/> In February 2018, Shandong Ruyi acquired a majority stake in the Swiss luxury fashion brand [[Bally Shoe|Bally]] from its parent company [[JAB Holding Company]] for an undisclosed sum. The closing of the operation is still suspended, however, since more than one year.<ref name="reuters.com"/><ref name="drapersonline.com"/> At the time, Yafu Qiu was chairman of Shandong Ruyi Group.<ref name="reuters.com"/> As of February 2018, British billionaire [[Philip Green|Sir Philip Green]] was considering selling his [[Arcadia Group|Arcadia]] company to Shandong Ruyi.<ref name="GUARDIANgian">{{cite web|url=https://www.theguardian.com/fashion/2018/feb/18/philip-green-considers-selling-arcadia-to-chinese-textiles-giant|title=Philip Green considers selling Arcadia to Chinese textiles giant|first=Sarah|last=Butler|date=18 February 2018|website=the Guardian|accessdate=19 February 2018}}</ref> As of 2017, Ruyi Group was the largest textile manufacturer in China.<ref name="AMERICA">[https://share.america.gov/cotton-woos-chinese-textile-plant-arkansas/ "Cotton woos Chinese textile giant to Arkansas"], America.gov</ref> As of 2018, it was also in the top 20 in terms of revenues for luxury fashion groups.<ref name="CHINADAILY"/>
In November 2017, the company offered to buy a 54% controlling stake of menswear supplier Bagir for $16.5 million, due to complete on 31 August 2018.<ref name="drapersonline.com"/> In February 2018, Shandong Ruyi acquired a majority stake in the Swiss luxury fashion brand [[Bally Shoe|Bally]] from its parent company [[JAB Holding Company]] for an undisclosed sum. The closing of the operation is still suspended, however, since more than one year.<ref name="reuters.com"/><ref name="drapersonline.com"/> At the time, Yafu Qiu was chairman of Shandong Ruyi Group.<ref name="reuters.com"/> As of February 2018, British billionaire [[Philip Green|Sir Philip Green]] was considering selling his [[Arcadia Group|Arcadia]] company to Shandong Ruyi.<ref name="GUARDIANgian">{{cite web|url=https://www.theguardian.com/fashion/2018/feb/18/philip-green-considers-selling-arcadia-to-chinese-textiles-giant|title=Philip Green considers selling Arcadia to Chinese textiles giant|first=Sarah|last=Butler|date=18 February 2018|website=the Guardian|accessdate=19 February 2018}}</ref> As of 2017, Ruyi Group was the largest textile manufacturer in China.<ref name="AMERICA">[https://share.america.gov/cotton-woos-chinese-textile-plant-arkansas/ "Cotton woos Chinese textile giant to Arkansas"], America.gov</ref> As of 2018, it was also in the top 20 in terms of revenues for luxury fashion groups.<ref name="CHINADAILY"/>


In 2019, it acquired [[Invista]]'s Apparels & Advanced Textiles business for an undisclosed amount said to exceed $2 billion,<ref>{{Cite news|date=2019-02-01|title=Chinese Luxury Firm Closes Long-Delayed $2 Billion Lycra Deal|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2019-02-01/chinese-luxury-firm-closes-long-delayed-2-billion-lycra-deal|access-date=2020-11-02}}</ref> adding products such as [[Lycra]] and [[Coolmax]] to its portfolio. The acquired business operates under the name of The Lycra Company.<ref>{{Cite web|date=2019-01-31|title=Shandong Ruyi Investment Holding Purchases INVISTA's Apparel & Advanced Textiles Unit|url=https://www.businesswire.com/news/home/20190131005573/en/Shandong-Ruyi-Investment-Holding-Purchases-INVISTA%E2%80%99s-Apparel-Advanced-Textiles-Unit|access-date=2020-11-02|website=www.businesswire.com|language=en}}</ref> However, in 2022 ownership of The Lycra Company was transferred to an equity group that provided funds for its acquisition, after Shandong Ruyi defaulted on loan repayment terms.<ref>{{Cite news |date=2022-06-29 |title=Fashion group Shandong Ruyi's creditors take full control of Lycra |language=en |work=Reuters |url=https://www.reuters.com/markets/europe/fashion-group-shandong-ruyis-creditors-take-full-control-lycra-2022-06-29/ |access-date=2022-06-29}}</ref>
== Products and Services ==
'''Group's products and services:''' wool strip manufacturing, wool worsted, clothing, cotton textile, cotton printing and dyeing, knitting, chemical fiber, denim, home textile; imports of wool strips, raw wool, polyester, dyes and other textile materials; exports of worsted fabrics, fine woolen yarn, men's trousers.

'''Subsidiary brands' products and services:''' sales of all kinds of garments and accessories.

== Subsidiaries ==
'''Subsidiary Companies:'''

Chongqing Sanxia Technology Textile Co., Ltd.

Yinchuan Binhe Ruyi Clothing Co., Ltd.

Ningxia Ruyi Technology Fashion Industry Co., Ltd.

Xinjiang Ruyi Textile Garment Co., Ltd.

Taian Ruyi Technology Fashion Industry Co., Ltd.

Ruyi Technology Research Institute


'''Subsidiary Brands:'''

SMCP Group (France)(Sandro, Maje, Claudie Pierlot, De Fursac): The acquisition was completed in 2016

Peine Gruppe (Germany): The acquisition was completed in 2014

Aquascutum (UK): The acquisition was completed in March 2017

RENOWN Inc. (Japan): The acquisition was completed on May 25, 2010

Trinity Ltd.: The acquisition was completed in November 2017

LYCRA: The acquisition was completed in January 2019

Wool Spinning Co. (Bulgaria)

Larundel Ranch (Australia)

Cubbie Agriculture Corporation (Australia)

Lempriere (Australia)

GWA wool textile Co. (India)

Harris Tweed Co. (UK)

Taylor & Lodge Wool Spinning (UK)

== Development Goals ==
Ruyi Group aims to become a globally renowned fashion and textile powerhouse. Ruyi continues to work on high-end international strategies to accelerate the transformation from a textile manufacturing company to an international fashion group. Ruyi also continues to explore international development and start a new leaping development.

Ruyi Group's goal is to apply intelligent technology to the retail industry and promoting intelligent manufacture. Ruyi is now building a "5G smart factory", which applies 5G technology, artificial intelligence and big data to the production process and management and helps the textile industry to upgrade its artificial intelligence and create a new model of "5G Smart Textile".

== Company Culture ==
The "interpersonal affinity" theory is the core idea of the company. Virtue generates success. Sincerity drives achievements. Ruyi inherits the essence of Confucian culture, cultivating a Chinese industry with Chinese accomplishments and establishing a Chinese brand with Chinese spirit.

Ruyi welcomes a diversity of talents. Ruyi comprehensively recruits talents. Ruyi diversely cultivates talents. Because Ruyi firmly believes that human resources are the primary resource. To all kinds of talents, it does not only give material incentive but also spiritual incentive, so that they can fully experience the sense of achievement of self-value realization and realize the common growth and development of talents and enterprises.

== Social Responsibility ==
As China's largest textile group, Ruyi has always listed sustainable development as an important part of the enterprise. Ruyi makes clothes to keep people warm. Ruyi offers benefits to satisfy its staff. Ruyi always embraces this social responsibility, constantly creating more benefits for its staff.

Ruyi constantly improves the housing standard of its employees, including building 3,700,000 ft² high-end staff residences and offering substantial housing benefits to outstanding employees who made significant contributions to Ruyi Group as rewards. Ruyi also provides annual health checks for all current employees and retirees. For the employees whose families are experiencing some difficulties, Ruyi set up the "Staff Medical Illness Fund" to provide medical relief to staff suffering from a serious illness.

Ruyi group actively implements a talent development strategy to help employees address personal developments. Ruyi takes employee education a step further by offering Ruyi's own business college and training center, encouraging staff with different educational backgrounds to participate in internal courses. Ruyi offers senior managers enroll in prestigious EMBA programs domestically. Ruyi also establishes an overseas study and intensive training program. Every year, groups of intermediate to senior managers attend overseas professional training to familiarize themselves with the most advanced textile and apparel technology and keep abreast of global trends.

As the largest textile group in China, Ruyi Group has always regarded sustainable development as a significant part. In order to build a greener sustainable fashion pattern and bring the pioneers of sustainable development together, Ruyi Group has signed "Fashion Pact" as the only company from mainland China.

During the COVID-19 outbreak in 2020, Ruyi Group established an epidemic-control group and donated medical protection materials to fight against the COVID-19 outbreak. Ruyi also sent a professional workers team to support producing protective clothing and surgical clothing.

== Awards and Honors ==
"Ruyi" trademark is a well-known trademark in China, the products have been "Chinese famous brand", "national golden bridge award" and the ministry of commerce "key cultivation and development of the export brand" and other titles.

Has the import and export autonomy, through the ISO9001 quality system and ISO14001 environmental management system certification.

Products have won the national gold award and the national silver award many times.

"Sirofil Spinning technology and series of products" won the second prize of national science and technology progress award.

In February 2009, Ruyi became the first company in China to obtain the participation qualification of the French PV exhibition (the first French visual fabric exhibition).

In December 2009, "Ruyi spinning" spinning technology, which lasted seven years of research, won the first prize of technological progress.

In December 2016, Ruyi Group won the 4th China industry award, which is the highest honor of the Chinese industry.

In December 2016, Ruyi Group won the gold award of 2016 China excellent industrial design award.

"The Belt and Road Initiative" China's top 100 enterprises list ranked 50.

National high-tech enterprises, textile industry outstanding contribution enterprises, the national top 10 textile economic benefits pillar enterprises, China's top 10 most competitive wool textile enterprises, Shandong Province hundred key enterprise groups.

It was awarded "China Yinchuan Ruyi digital intelligent spinning technology demonstration base" by China National Textile Industry Association.

It is listed as the national new product development base of the wool industry by China National Textile Industry Association.

For years the Shandong economic committee awarded economic benefits pacesetting enterprises, Jining city became the first large export foreign exchange.

It has won the titles of "national model worker's home", "national advanced collective of textile industry", "national advanced unit of double civilization construction of textile industry" and "Chinese star enterprise".


In 2020 Ruyi struggled because of debt and the [[COVID-19 pandemic]].<ref>{{Cite news |date=2022-01-14 |title=SMCP shareholders vote for board reshuffle following ownership change |language=en |work=Reuters |url=https://www.reuters.com/business/retail-consumer/smcp-shareholders-vote-board-reshuffle-2022-01-14/ |access-date=2023-10-27}}</ref><ref>{{Cite web |last=Russell |first=Michelle |date=2020-06-25 |title=Ruyi Group sees investment as key to future-proofing business |url=https://www.just-style.com/interviews/ruyi-group-sees-investment-as-key-to-future-proofing-business-2/ |access-date=2023-10-27 |website=Just Style |language=en-US}}</ref>
Ningxia Ruyi technology fashion industry industrial city project, located in Helan county, Yinchuan city, Ningxia ecological textile industry demonstration park, is China's first digital intelligent technology spinning demonstration base.


==Operations==
==Operations==
As of 2018, most of its business was concentrated in the clothing industrial chain, including supplying yarn, fabric, raw materials, dying, weaving, sewing and production.<ref name="CHINADAILY"/> The company has operations in China, [[Japan]], [[Australia]], [[New Zealand]], [[India]], [[Pakistan]], the [[United Kingdom]], [[Germany]], and [[Italy]].<ref name="Bloomberg profile"/> In 2017, Shandong Ruyi Technology Group said it would renovate a former television factory in [[Arkansas]] into its first facility in North America, in a $410 million project.<ref name="FOXap">[http://www.foxnews.com/us/2017/05/10/chinese-textile-firm-hiring-up-to-800-in-east-arkansas.html "Chinese textile firm hiring up to 800 in east Arkansas"], Fox News, Associated Press, May 10, 2017</ref> It was expected that Ruyi would absorb "almost all the cotton produced by Arkansas annually."<ref name="AMERICA"/>
As of 2018, most of its business was concentrated in the clothing industrial chain, including supplying yarn, fabric, raw materials, dying, weaving, sewing and production.<ref name="CHINADAILY"/> The company has operations in China, Japan, Australia, New Zealand, India, Pakistan, the United Kingdom, Germany, and Italy.<ref name="Bloomberg profile"/> In 2017, Shandong Ruyi Technology Group said it would renovate a former television factory in [[Arkansas]] into its first facility in North America, in a $410 million project.<ref name="FOXap">[http://www.foxnews.com/us/2017/05/10/chinese-textile-firm-hiring-up-to-800-in-east-arkansas.html "Chinese textile firm hiring up to 800 in east Arkansas"], Fox News, Associated Press, May 10, 2017</ref> It was expected that Ruyi would absorb "almost all the cotton produced by Arkansas annually."<ref name="AMERICA"/>


==References==
==References==
Line 187: Line 85:


==External links==
==External links==
*[http://www.chinaruyi.com/home/en/ Website]
*[http://www.chinaruyi.com/home/en/ Official website]


[[Category:Chinese fashion]]
[[Category:Chinese fashion]]
[[Category:Chinese companies established in 1972]]
[[Category:Chinese companies established in 1972]]
[[Category:Companies based in Shandong]]
[[Category:Companies based in Jining]]
[[Category:Companies listed on the Shenzhen Stock Exchange]]
[[Category:Companies listed on the Shenzhen Stock Exchange]]

Latest revision as of 01:08, 11 April 2024

Shandong Ruyi Technology Group Co., Ltd
Shandong Ruyi Woolen Garment Group Co., Ltd.
Native name
山东如意科技集团
FormerlyShandong Jining Woolen Mill
SZSE: 002193
IndustryTextiles and clothing
Founded1972 in China
Headquarters
Jining
,
China
Key people
Yafu Qiu (chair)
BrandsAquascutum, Renown Inc.
ParentJining Ruyi Investment Co., Ltd.
Websitechinaruyi.com

Shandong Ruyi Technology Group Co., Ltd is a Chinese textiles and clothing company. Founded in 1972 in Jining, China, it is a subsidiary of Jining Ruyi Investment Co., Ltd.[1] As of 2017, Ruyi Group was the largest textile manufacturer in China.[2] It owns or part-owns brands including Aquascutum, and Renown Inc. and has expressed ambitions to become the Chinese equivalent of LVMH.[3]

History

[edit]

1972–2000

[edit]

The company was founded in 1972, and was formerly known as Shandong Jining Woolen Mill, and is based in Jining, China. It is a subsidiary of Jining Ruyi Investment Co., Ltd.[1] Future chair Qiu Yafu became vice president in late 1992 of Shandong Ruyi Woolen Textiles Group Co Ltd, and president in late 1996. In late 1997 he then became chairman and president, roles he held until 2002.[4]

2001–2016

[edit]

Shandong Ruyi was founded as is in 2001.[5] Qiu Yafu was chairman and president of Shandong Ruyi Science & Technology Group from August 2002 until August 2008, when he became only chairman.[4] He is also currently president of Shandong Ruyi Woolen Textiles Group Co Ltd.[4] In 2010, it purchased a 41 percent stake in Renown Inc., a Japanese apparel maker, for $36.8 million, becoming its largest stakeholder.[5]

As of 2016, it also owned Hong Kong-based menswear group Trinity. Trinity Ltd was purchased for $283.88 million.[6] In December 2016, Aquascutum, a British luxury clothing manufacturer, was due to be sold for $120m (£97m) to two buyers, one of which was Shandong Ruyi.[7] It was sold to Shandong Ruyi for $117 million.[6]

As of 2016, Shandong Ruyi owned the French company SMCP, owner of fashion brands Sandro, Maje [fr] and Claudie Pierlot.[6][8] It purchased the majority stake in SMCP in 2016 for £1.15 billion[9] after six months of negotiations.[10] SMCP CEO Daniel Lalonde said that the investment would fund SMCP's growth overseas, particularly in Asia.[11] SMCP was then taken public in 2017,[6] with Shandong Ruyi maintaining its stake.[12]

2017–2020

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In November 2017, the company offered to buy a 54% controlling stake of menswear supplier Bagir for $16.5 million, due to complete on 31 August 2018.[8] In February 2018, Shandong Ruyi acquired a majority stake in the Swiss luxury fashion brand Bally from its parent company JAB Holding Company for an undisclosed sum. The closing of the operation is still suspended, however, since more than one year.[6][8] At the time, Yafu Qiu was chairman of Shandong Ruyi Group.[6] As of February 2018, British billionaire Sir Philip Green was considering selling his Arcadia company to Shandong Ruyi.[9] As of 2017, Ruyi Group was the largest textile manufacturer in China.[2] As of 2018, it was also in the top 20 in terms of revenues for luxury fashion groups.[5]

In 2019, it acquired Invista's Apparels & Advanced Textiles business for an undisclosed amount said to exceed $2 billion,[13] adding products such as Lycra and Coolmax to its portfolio. The acquired business operates under the name of The Lycra Company.[14] However, in 2022 ownership of The Lycra Company was transferred to an equity group that provided funds for its acquisition, after Shandong Ruyi defaulted on loan repayment terms.[15]

In 2020 Ruyi struggled because of debt and the COVID-19 pandemic.[16][17]

Operations

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As of 2018, most of its business was concentrated in the clothing industrial chain, including supplying yarn, fabric, raw materials, dying, weaving, sewing and production.[5] The company has operations in China, Japan, Australia, New Zealand, India, Pakistan, the United Kingdom, Germany, and Italy.[1] In 2017, Shandong Ruyi Technology Group said it would renovate a former television factory in Arkansas into its first facility in North America, in a $410 million project.[18] It was expected that Ruyi would absorb "almost all the cotton produced by Arkansas annually."[2]

References

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  1. ^ a b c "Company Overview of Shandong Ruyi Technology Group Co., Ltd". Bloomberg LP. Retrieved 19 February 2018.
  2. ^ a b c "Cotton woos Chinese textile giant to Arkansas", America.gov
  3. ^ Ang, Katerina (2019-03-19). "The race is on to be the first Chinese fashion giant". Vogue Business. Retrieved 2020-08-01.
  4. ^ a b c "Yafu Qiu", Bloomberg
  5. ^ a b c d "Shandong Ruyi furthers global dreams with Bally buy", Zhu Wenqian in Beijing and Ju Chuanjiang, China Daily, February 14, 2018
  6. ^ a b c d e f "China's Shandong Ruyi expands fashion empire with Bally". 9 February 2018. Retrieved 19 February 2018 – via Reuters.
  7. ^ "Raincoat maker Aquascutum sold for £97m". 22 December 2016. Retrieved 20 February 2018 – via www.bbc.com.
  8. ^ a b c "Shandong Ruyi snaps up Bally". Drapersonline.com. Retrieved 19 February 2018.
  9. ^ a b Butler, Sarah (18 February 2018). "Philip Green considers selling Arcadia to Chinese textiles giant". the Guardian. Retrieved 19 February 2018.
  10. ^ "China's Shandong Ruyi says it will take over French fashion firm SMCP", Reuters, March 31, 2016
  11. ^ "K.K.R. Selling Stake in the Fashion Group SMCP to Shandong Ruyi of China", Elizabeth Paton, The New York Times, April 1, 2016
  12. ^ "French fashion group SMCP envisaging IPO by end-2017", Reuters, September 18, 2017
  13. ^ "Chinese Luxury Firm Closes Long-Delayed $2 Billion Lycra Deal". Bloomberg.com. 2019-02-01. Retrieved 2020-11-02.
  14. ^ "Shandong Ruyi Investment Holding Purchases INVISTA's Apparel & Advanced Textiles Unit". www.businesswire.com. 2019-01-31. Retrieved 2020-11-02.
  15. ^ "Fashion group Shandong Ruyi's creditors take full control of Lycra". Reuters. 2022-06-29. Retrieved 2022-06-29.
  16. ^ "SMCP shareholders vote for board reshuffle following ownership change". Reuters. 2022-01-14. Retrieved 2023-10-27.
  17. ^ Russell, Michelle (2020-06-25). "Ruyi Group sees investment as key to future-proofing business". Just Style. Retrieved 2023-10-27.
  18. ^ "Chinese textile firm hiring up to 800 in east Arkansas", Fox News, Associated Press, May 10, 2017
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