Struggling apparel maker Renown Inc. said Monday it will form a business and capital alliance with Chinese textile firm Shandong Ruyi and come under its wing.
The Chinese company will hold a 41.18 percent stake in Tokyo-based Renown, which incurred losses for four straight years through fiscal 2009. Shandong Ruyi aims to penetrate the Japanese market by acquiring Renown's technology and brand power, while Renown hopes to strengthen its financial base and expand its business in China.