On Jan. 14, 2022, the French fashion company SMCP Group held a general meeting of shareholders and voted to dissolve the five-member board of directors, kicking Qiu Yafu, chairman of the board of directors of China’s Shandong Ruyi Technology Group Co., and his daughter Qiu Chenran, off the board, and shattering Qiu Yafu’s dream of establishing a Chinese version of Louis Vuitton.
Qiu Yafu tried to prevent this from happening. On Oct. 28, 2021, when bond trustee Global Loan Agency Services Ltd. (GLAS) initiated the first SMCP Group shareholders’ meeting request, it was rejected by the board headed by Qiu.
