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Shandong Ruyi faces court action over unpaid bills

A supplier is planning to sue the Chinese owner of Aquascutum and Gieves & Hawkes over unpaid invoices.

Portuguese textiles supplier Calvelex, which supplies Aquascutum, is be preparing to file papers in a Hong Kong court claiming it is owed more than €181,000 (£155,000).

Shandong Ruyi bought Aquascutum from YGM Trading for $115m (£95m) in March 2017. It then agreed a strategic partnership with tailoring group Bagir in September 2018, through which it took a majority stake in the company for $16.5m (£12.8m).

The Chinese textile giant also acquired a majority stake in Swiss luxury brand Bally for an undisclosed sum in February last year.

Drapers has contacted Shandong Ruyi for comment.

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