×
856
Fashion Jobs
HUGO BOSS
E-Commerce Operations & Logistics Manager
Permanent · London
VF INTERNATIONAL
Senior Credit Controller - Multibrand
Permanent · CALVERTON
EASTPAK
Credit Team Leader - Eastpak
Permanent · CALVERTON
HUGO BOSS
Buyer Emea
Permanent · London
ESTÉE LAUDER
Aveda - Omni National Account & Operations Executive
Permanent · London
ESTÉE LAUDER
Demand Planner - Supply Chain
Permanent · London
ESTÉE LAUDER
Director, International Business Development (Maternity Cover)
Permanent · London
PAUL SMITH
International Sales Executive
Permanent · LONDON
EASTPAK
Sales Manager
Permanent · LONDON
NEW BALANCE
Category Merchandising Manager Emea, Running Footwear
Permanent · Warrington
CONFIDENTIEL
Warehouse Area Manager
Permanent ·
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Liverpool - 26 Hours - Part Time, Permanent
Permanent · Liverpool
ESTÉE LAUDER
Clinique - Consultant - Boots-Aintree, Liverpool - 11 Hours - Part Time, Permanent
Permanent · Liverpool
ESTÉE LAUDER
Clinique - Consultant - Fenwick, Newcastle - 12 Hours - Part Time, Permanent
Permanent · Newcastle upon Tyne
ESTÉE LAUDER
Clinique - Consultant - Boots, Bishops Stortford - 7.5 Hours - Part-Time - Permanent
Permanent · Bishop's Stortford
ESTÉE LAUDER
Clinique - Consultant - Boots, st Davids Cardiff - 37.5 Hours - Full Time, Permanent
Permanent · Cardiff
ESTÉE LAUDER
Clinique - Consultant - Boots, Oracle Reading - 28 Hours - Part Time, Permanent
Permanent · Reading
ESTÉE LAUDER
Clinique - Consultant - Flannels, Sheffield Meadowhall - 22.5 Hours - Part Time, Permanent
Permanent · Sheffield
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Cribbs Causeway - 37.5 Hours - Full Time, Permanent
Permanent · Bristol
ESTÉE LAUDER
Clinique - Consultant - Boots, st Davids Cardiff - 30 Hours - Full Time, Permanent
Permanent · Cardiff
ESTÉE LAUDER
Art Director
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Fenwick, Bracknell - 11.5 Hours - Part Time, Permanent
Permanent · Bracknell
Published
Dec 17, 2020
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Shandong Ruyi in bond default

Published
Dec 17, 2020

Shandong Ruyi, the Chinese group that controls, SMCP, Aquascutum, The Lycra Company and Gieves & Hawkes, has defaulted on two CNY1 billion/$153 million bonds. The privately-held company has been dealing with a massive debt load following a series of acquisitions in recent years.


Aquascutum



Payment on the bonds had been due on Monday and Tuesday and Bank of Communications, the state-owned main underwriter of the first bond, said it would "supervise and urge" the company to pay what was owed. 

It's not the first Chinese or international business that has defaulted on payments in the wake of the crisis caused by the pandemic. 

But there have been concerns for some time about the massive debt Shandong Ruyi has built up during its acquisition spree. This has got in the way of some of its acquisition plans with tailor Bagir going under after Shandong pulled out of an investment deal. And it emerged this year that the 2018 deal for the firm to buy Bally from JAB Holdings has been abandoned.

Reports this week said Shandong had been hoping for a rescue deal from a local government financing vehicle. Jining Urban Construction Investment agreed to buy a 26% stake in it back in October 2019, but in June this year it said it was pulling out of that arrangement as such vehicles have come under government pressure to minimise risky investments.

Copyright © 2021 FashionNetwork.com All rights reserved.