Bond pricing for the Chinese owner of 248-year-old Savile Row tailor Gieves & Hawkes tumbled on Thursday as the company, often referred to as the “LVMH of China”, comes under heavy debt repayment pressures.
Shandong Ruyi, which spent the past five years amassing China’s largest global portfolio of fashion brands, witnessed the price of a subsidiary’s dollar bond in Hong Kong fall more than 10 cents on the dollar to 78 cents in morning trading, according to Bloomberg.
Concerns over the future of the company, which started as a small textile factory in eastern China, are connected to the large pile of debt it accrued during the aggressive global buying spree, according to analysts.
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