Tycoon’s Wild $3 Billion Gamble on ‘China’s LVMH’ Crashes

Six years ago, a little-known textile maker called Shandong Ruyi Group embarked on a frantic acquisition spree, openly setting out its goal of becoming China’s version of luxury powerhouse LVMH.

Based in the hometown of Confucius, Chairman Qiu Yafu spent more than $3 billion snapping up assets from the boulevards of Paris to the heart of London tailoring on Savile Row.