Companies in Jining, Shandong

Shandong Ruyi is the cautionary tale of Chinese outbound acquisition ambition: a textile company from Jining, Shandong, founded in 1972, that spent the 2010s buying a global wardrobe of famous brands — Japan's Renown, Britain's Aquascutum, France's SMCP (Sandro, Maje, Claudie Pierlot), and Lycra, the maker of the world's most famous stretch fiber. At its peak, Ruyi controlled brands spanning luxury fashion and technical textiles. The group's original core is textile manufacturing: worsted wool fabrics, yarn, and garments made in its Shandong plants, supplying both its own brands and global fashion houses. Its acquisition spree was meant to move Ruyi up the value chain from factory to fashion — owning brands instead of just making fabric for them. The strategy ended in overstretch: debt mounted, several acquisitions unraveled (Renown went bankrupt, SMCP and others were sold or lost), and Ruyi's empire shrank dramatically. The company survives as a textile maker and minority owner of some brands, but its story is now studied as a warning about leveraged brand-buying. For the industry, Ruyi remains the case study of China's brief, spectacular attempt to buy Western fashion heritage.