Renown Inc. in Tokyo Japan filed for bankruptcy on Friday, which is part of the Chinese fashion empire Shandong Ruyi (they own about 53% of the company) carrying roughly 13.9 billion yen ($130 million) in debt. The century old company is the largest profile fashion retailer to buckle under the Covid-19 infused retail apocalypse in Japan.
Renown Inc. The former owner of Aquacutum the British clothier, has been in a financial decline for years. Shandong Ruyi has become the majority shareholder from a decade ago, which Renown said is having much difficulty in collecting over 5 billion yen ($45.2 million) in debts from it’s Chinese parent company who is the major shareholder according to Reuters. “It was the first bankruptcy of a listed company in Japan since January 2019″, according to the Japan Times.
The Covid-19 pandemic was cited as the company fall, but the company was suffering from lagging sales and emerging competition from other younger brands like Uniqlo (Fast Retailing Company) for some time now. Renown, the maker of D’urban suits was founded in 1902.