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.
