Retail in Asia

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Renown to go into liquidation


Japanese apparel maker Renown Inc. said that it will sell some of its main brands, including the D’urban suit brand, to an apparel group in Osaka for an undisclosed amount.

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Renown is likely to go into liquidation after the planned sale of its brands to Koizumi Co.’s group companies on 30th September, sources close to the matter said.

Tokyo-based Renown also said it plans to sell its Aquascutum and Simple Life brands to the group.

Founded in 1902, Renown filed for protection from creditors in May as the coronavirus pandemic caused sales to plummet following the nationwide closure of its shops in many department stores to curb the virus.

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Renown fell under the control of the Shandong Ruyi group in 2010 to restore its financial health. The Chinese textile group holds a 53 percent stake in the company.

(Source: Japan Times)