Ruyi Group’s First Half Net Loss Widens to $7 Million
The group’s largest enterprise unit is attire, which noticed the heaviest losses. Ruyi Group
Ruyi Group’s once-stated ambition to grow to be China’s LVMH Group continues to fall brief. In line with its 2021 half-yearly report, the textile and attire group, based mostly in Jining, Shandong province, reported whole income of 261 million yuan ($40.4 million), down 20.43 % year-on-year, and a net loss widening 392.9 % to 44.75 million yuan ($6.93 million).
The group operates three main companies: textile manufacturing, attire and textile uncooked materials buying and selling. Its largest enterprise is attire, which noticed the heaviest losses. Income plummeted 44.67 % and gross margin declined 12 %, the share of Ruyi Group income attributed to attire fell from 76.57 % to 53.24 %.
The group and its associates personal manufacturers together with Sandro, Maje, Gieves & Hawkes, Kent & Curwen and Cerruti 1881. Since 2019, along with the poor efficiency of its fundamental enterprise, Ruyi and its associates have confronted vital debt stress and strict regulatory scrutiny from China’s SEC.
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