Japanese apparel maker Renown Inc. said Friday it will sell some of its main brands, including D’urban suit brand, to an apparel group in Osaka for an undisclosed amount.
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Renown Inc. is likely to go into liquidation after the planned sale of its brands to Koizumi Co.’s group companies on Sept. 30, sources close to the matter said.
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Tokyo-based Renown also said it plans to sell its Aquascutum and Simple Life brands to the apparel group based in the western Japan city.
Founded in 1902, Renown filed for bankruptcy protection from creditors in May, as the coronavirus pandemic caused sales to plummet following the nationwide closure of its shops in many department stores to curb virus infections.
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Renown fell under the control of the Shandong Ruyi group in 2010 to restore its financial health. The Chinese textile group holds a 53 percent stake in the company.
