According to reports in the Japanese local media, the Japanese apparel giant Renown has announced plans to establish a joint venture with the Shandong-based textile company Ruyi Group in Beijing.
Ruyi Group will invest JPY4 billion in the new JV and owns a 40% stake in the company; while over 50% will be invested by Renown. The new JV will reportedly sell Renown's apparel products under four brands in China and it plans to expand into other Asian markets outside China.
The new company, which is expected to be set up before March 2011, plans to open over 2,000 stores in ten years, with annual sales of over JPY100 billion.
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