- Angela Gonzalez-Rodriguez |
China's apparel group Shandong Ruyi is determined to present fierce competition to the world’s largest luxury goods group, LVMH. The Chinese fashion conglomerate’s strategy is targeting more global deals involving "affordable luxury" brands, aimed to establish the first high-end Chinese fashion empire.
Shandong Ruyi’s CEO, Qiu Yafu, told Reuters earlier this week that the company would focus on affordable luxury, where he sees growth even amid broader economic slowdown. He’s a seasoned apparel executive who has years of experience in the international luxury sector under his belt.
Shandong Ruyi wants to win the luxury race in China
As reported by ‘Channel NewsAsia’, Qiu’s ambition is growing his fashion empire is leading the race in China to rival established fashion houses in an industry traditionally dominated by European groups. The Chinese billionaire has reference stakes in a range of European luxury brands including SMCP and Aquascutum.
"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 in an interview with Reuters during a luxury industry event held this week in Hong Kong.
"Would it take five years, 10 years, even longer, or 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," advanced Qiu.
In the near future, Ruyi Holding Group will slow down its aggressive acquisition strategy to focus on integrating existing brands, as highlighted by ‘WWD’. The Chinese apparel firm – which is currently in the process of taking over Bally International AG – has confirmed it has invested over 4 billion dollars to acquire overseas brands over the past three years.
Photo:Shandong Ruyi, Official Web