Thursday , August 5 2021

Ruyi China, an excuse for the LVMH throne, is plotting more affordable & affordable benefits; News



Not Kane Wu to Pei Li

HONG KONG / BEIJING (Reuters) – China's Shandong Ruyi procurement clothing company is targeting global deals that include "affordable luxury" brands, under the intention of establishing the latest China's first fashion empire to challenge behemoth LVMH .

His chairman, Qiu Yafu, who has resulted in buying the purchasing custom said Gieves and Hawkes tailored to Swiss luxury brand, Bally, at Reuters on Monday the company would Focusing on affordable luxury, where there is even growth between wider economic slowdown.

Qiu, a well-known billionaire with a low profile in China, has great ambitions in fashion, where his growing empire leads the race in China to compete with established fashion houses in the traditional European industry.

The apothecary, who started as a 17-year-old apprentice in Ruyi's textile mills, has built control of a range of European luxury brands through aggressive acquisitions worth billions of dollars, including a SMCP French fashion house and Aquascutum Prydain.

Qiu said, loud and wearing a dark dark suit and red clothes, the wider Ruyi group wanted to be as big as LVMH, but added that it would not happen overnight.

"LV is an enterprise that is similar to a global god. Our role model. We are still a bit of it but that's a vision," said Qiu, who was born in 1958, at Reuters during an interview in Hong Kong on the line of a luxury industry conference.

"Would it take five years, 10 years, even longer, or for the next generation or better team to deliver? There is a very important project and challenge. Even impossible. But it does not mean we should not learn, simulate or lend ideas. "

Qiu added that the "deal" company would deal with high quality "trends" brands with sustainable development prospects, even though it has less interest in brands that was similar to "pop music, no but catering for people's tastes for a short time but not lasting. "

"Ruyi has strong and specific requirements and a strategic location for fashion brands. We always study and watch brands that are suitable to locate high, high growth and high pricing," he said.

Ruyi and Qiu are trying to help brands target China's massive domestic domestic clothing market, which the Euromonitor research company expects to reach 2.2 trillion yuan ($ 316.05 billion) by 2022, up about 10 percent of & # 39; to current size. To that end, he said the company would search for large data and online stores to reach more shoppers.

The company's pivot into fashion is part of a wider Chinese company campaign that also includes the Fosun conglomerates <0656.HK>, which could lead to an increase in the process of making the fashion sector.

Once a state-of-the-art textile company, Ruyi was privatized two decades ago as part of government reform. He started to make an agreement in 2010 and has extended from Hong Kong's branded Hong Kong Brand Renown textile brands, such as Lycra.

With attendance in 84 countries, Ruyi's annual sales revenue has exceeded 20 billion yuan, says Qiu.

(Report by Kane Wu, Pei Li and Adam Jourdan; Editing by Christopher Cushing)


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