-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photo Highlights
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure Highlights
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels
-
Special Report
-
Yes Teens
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
FOCUS
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food Drink
-
Restaurants
-
Yearend Review
-
CHTF Special
-
QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Ruyi plots more ‘affordable luxury’ deals
    2018-11-14  08:53    Shenzhen Daily

ACQUISITIVE apparel firm Shandong Ruyi is targeting more global deals involving “affordable luxury” brands, under a push to establish the first high-end Chinese fashion empire to eventually challenge behemoth LVMH.

Its chairman, Qiu Yafu, who has led a spate of deals buying tailors Gieves & Hawkes to Swiss luxury brand Bally, said Monday the company would focus on affordable luxury, where he sees growth even amid broader economic slowdown.

Qiu, a low-profile billionaire, has big ambitions in the world of fashion, where his growing empire is leading the race in China to rival established fashion houses in the traditionally European-dominated industry.

The magnate, who started as an apprentice at the age of 17 at one of Ruyi’s textile mills, has built up control of a range of European luxury brands through aggressive acquisitions worth billions of dollars, including French fashion house SMCP and Britain’s Aquascutum.

Qiu said the broader Ruyi group wanted to become as big as LVMH, though added that wouldn’t happen overnight.

“LV is a world renowned god-like enterprise. It is our role model. We are still a far cry from it but that’s our vision,” said Qiu.

“Would it take five years, 10 years, even longer, or is it for the next generation or a better team to achieve? It is a very important project and challenge. It may even be impossible. But it doesn’t mean we shouldn’t learn, imitate or borrow ideas.”

Ruyi and Qiu are looking to help brands target China’s huge but slowing domestic apparel market, which research firm Euromonitor expects will hit 2.2 trillion yuan (US$316.05 billion) by 2022, up around 10 percent from its current size. To that end, he said the firm would look to leverage big data and online stores to reach more shoppers.(SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn