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Key Account Manager
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Product Area Manager – Evaluate & Decide (Customer Domain)
Permanent · Stockholm
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HR Business Partner to h&m Group Business Tech
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Production Manager to h&m Global Marketing & Communications
Permanent · Stockholm
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Software Engineers With Adobe Campaign Skills to h&m Business Tech - Customer Domain
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Chemical Compliance Specialist Cosmetic Products
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3d Business Expert - Competence Lead to h&m Business Tech
Permanent · Stockholm
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Product Owner For One of The Style Products Within Customer Engagement Area
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Buyer to h&m Home – Kids Section
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Product Owner to Global Connectivity, h&m Group
Permanent · Stockholm
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Merchandise Manager
Permanent · Stockholm
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Cross Delivery Coordinator to Sap Test Management, h&m Group
Permanent · Stockholm
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Data Analyst to Allocation Precision Team to Business Tech
Permanent · Stockholm
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Head of Expansion & New Business - h&m Beauty
Permanent · Stockholm
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Data Analyst to h&m Business Tech - Payments Area
Permanent · Stockholm
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HR-Specialist Within Labour Law
Permanent · Stockholm
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Business Developer to The Laboratory
Permanent · Stockholm
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Product Area Analyst For Customer Commerce Delivery @h&m Business Tech
Permanent · Stockholm
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Packaging Solution Business Expert, h&m Group
Permanent · Stockholm
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Product Owner to Sap Release & Delivery Management, h&m Group
Permanent · Stockholm
By
Reuters
Published
May 15, 2020
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Japanese apparel maker Renown files for bankruptcy with $130 million debt

By
Reuters
Published
May 15, 2020

Japan’s Renown Inc, part of Chinese fashion empire Shandong Ruyi, filed for bankruptcy on Friday with 13.9 billion yen ($130 million) in debt, the country’s highest-profile business to collapse amid the coronavirus outbreak.


Photo: Renown Inc


Renown, a century-old textile company which sells clothes under brands such as Arnold Palmer, Hiroko Koshino and D’Urban, confirmed it had filed for bankruptcy protection after a month-long closure of department stores brought the already-struggling business to its knees.

It joins a list of global fashion companies, including retailers such as J. Crew and Neiman Marcus, which have collapsed due to the pandemic.

Renown, which at one point owned British clothier Aquascutum, had reported losses for years. Shandong Ruyi emerged as a leading shareholder in Renown a decade ago and has since become its majority stakeholder.

Earlier this year, Renown said it was struggling to collect more than 5 billion yen ($45.2 million) in debts from its Chinese parent. Its top executives were also recently voted out of its board by the parent firm.

The Chinese group has been facing increasing refinancing pressure after spending billions of dollars to buy a range of European luxury brands and Asian labels, including French fashion house SMCP and Aquascutum.

Renown’s sales fell significantly after March as the government encouraged consumers to stay home, the company said in a statement.

So far more than 140 Japanese companies have gone bankrupt since February due to the outbreak of the coronavirus, according to research company Tokyo Shoko Research.

Prime Minister Shinzo Abe’s government last month declared a state of emergency in response to the coronavirus crisis. While this did not involve a strict lockdown as seen in other countries, department stores and bars have been closed.

The government has rolled out a package including cash payouts for individuals and loans for small businesses, but some economists have said the stimulus is not being delivered fast enough.

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