(Yicai Global) Nov. 11 -- China's Ruyi Technology Group, which owns retailers Bally, Trinity, and Renown after a multi-year spending spree, has defaulted on another CNY34 million (USD5.2 million) in debt.

The latest unpaid installment brings the total to nearly CNY1 billion (USD151.5 million) in defaulted debt for the retailer that features on the country's dishonest debtors list, business data platform Tianyancha shows, citing a court filing.

Formed in December 2001, Shandong province-based Ruyi was aspiring to become China's LVMH, according to Chairman Qiu Yafu. To this end, it purchased Japanese apparel maker Renown, French Sandro-owner SMCP, and Swiss luxury fashion house Bally over the past decade.

Ruyi had CNY1.4 billion in short-term borrowings as of June and its cash and cash equivalents totaled CNY260 million (USD39.3 million), Jiemian News reported. Six months before that, it had CNY1.5 billion in debts and CNY361 million in liquid assets.

The signs were there to be seen in June as Renown delisted from the Tokyo Stock Exchange as the Chinese parent had failed to pay the unit JPY5.3 billion (USD50.4 million). During the same month, Ruyi withdrew from its deal to buy Israeli menswear firm Bagir Group which went bankrupt after that.

After Ruyi failed to fulfill some financial obligations in the first half, the Shenzhen Stock Exchange inquired listed unit Ruyi Woolen Garment about its financial situation.

Editor: Emmi Laine