Hi, it’s Vinicy Chan and Irene Garcia Perez in London and Manuel Baigorri in Hong Kong. Today, we’re exploring the failed attempt of one Chinese buyer to build an international fashion empire. Elsewhere, IPO activity is picking up, a Palantir co-founder raises a big startup round, and buyers consider returning past purchases.
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For his vision of transforming a small textile maker called Shandong Ruyi into China’s own LVMH, Qiu Yafu spent $3 billion on a wardrobe that ultimately didn’t fit.