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Fashion tycoon who dreamed of building China’s LVMH set to lose prime Hong Kong property worth US$64 million: sources

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Ruyi’s acquisitions included UK outerwear maker Aquascutum and French fashion retailer SMCP, whose labels include Sandro, Maje and Claudie Pierlot. The group also bought Hong Kong-listed Trinity, which controls British bespoke tailor Gieves & Hawkes, in 2017 from Victor Fung Kwok-king, the chairman of the Li & Fung Group.

Ruyi, which means “according to one’s wishes” in Chinese, however, has not been able to achieve Qiu’s dream.

Starting in 2019, the private luxury clothing giant had difficulty paying the debts from its global shopping spree. After the Covid-19 pandemic made things worse, the company delayed a domestic bond repayment on a 1 billion yuan note twice between March and June 2020, according to Bloomberg reports at the time.

A Gieves & Hawkes store in Hong Kong. Ruyi acquired the brand in 2017 when it bought Hong Kong-listed Trinity from Victor Fung Kwok-king, the chairman of the Li & Fung Group. Photo: Shutterstock

A Gieves & Hawkes store in Hong Kong. Ruyi acquired the brand in 2017 when it bought Hong Kong-listed Trinity from Victor Fung Kwok-king, the chairman of the Li & Fung Group. Photo: Shutterstock

The Post has contacted Ruyi by email but received no response, while Qiu could not be reached for comment.

The Hong Kong stock exchange delisted Trinity on October 31 after an 18-month suspension of trading in its shares. Trinity has been undergoing liquidation since August last year, according to a winding-up order by the Bermuda Court, according to its exchange filings.

Trinity’s subsidiary brands, including Gieves & Hawkes, Cerruti 1881 and Kent & Curwen, “continue to carry on their business as usual”, joint liquidators Fok hei-yu, Daniel Chow Wai-shing and Edward Whittaker said in a stock exchange filing in January.

“The joint liquidators have been assessing the financial position of the group and considering the opportunity of a possible restructuring of the group,” the filing said.

Additional reporting by Peggy Sito and Lam Ka Sing

The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

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