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Companies

Chinese owner boots out top brass at Renown

Shandong Ruyi cleans house at Japanese partner as global expansion hits turbulence

Shandong Ruyi Chairman Qiu Yafu, left, and Minoru Kitabatake, then president of Renown, announce the partnership between their companies in 2010. But the businesses have struggled to work together in the decade since.

TOKYO -- China's Shandong Ruyi Group wiped away the top two leaders at Japanese apparel unit Renown on Thursday, writing another chapter in a strained partnership that has failed to bear fruit a decade later.

"We are facing a tough business environment, so we want to review the leadership," a Ruyi representative said at general shareholders meeting that day. The Chinese textile group first took a stake in Renown in 2010 and has since become majority shareholder.

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