Fashion conglomerate Shandong Ruyi has brushed aside a sale of textile maker Lycra proposed by Lycra's creditors and is instead looking to publicly float the business, two people with direct knowledge told Reuters.
Sandro and Maje owner SMCP's Q2 sales were “strongly impacted by Covid-19” but the company saw a “gradual sales improvement throughout quarter”. Digital boomed and Mainland China was even back to growth in June.
Renown Inc, part of Chinese fashion empire Shandong Ruyi, filed for bankruptcy on Friday with 13.9 billion yen ($130 million) in debt, Japan’s highest-profile business to collapse amid the coronavirus outbreak.
After banning the use of fur, the labels owned by the SMCP fashion group decided to also stop using reptile leather in their products, following the example of Chanel, Paul Smith and others, said the PETA association.
Sources have said that Chinese luxury clothing conglomerate Shandong Ruyi hasn't yet secured financing for its $600m purchase of Swiss luxury brand Bally, despite two years having passed since the deal was done.