TOKYO, May 24 (Reuters) - Japanese apparel maker Renown Inc said on Monday that it would sell a 41 percent stake in itself to Shandong Ruyi for about 4 billion yen ($44.4 million), making the Chinese textile group its largest shareholder.

The deal will give Shandong Ruyi a platform for expanding its presence in Japan while providing Renown, a loss-making collection of clothing brands, with a partner to increase its sales in the fast-growing Chinese market.

Chinese companies have made a series of relatively small acquisitions in Japan in the past few years, a reflection of the growing economic clout of China, which is on a path to overtake Japan as the world's second-largest economy.

Last year China's Suning Appliance Co (002024.SZ) purchased a 27 percent stake in electronics retailer Laox, and earlier this year Chinese car and battery maker BYD Co (1211.HK) bought a factory from Japanese metal die manufacturer Ogihara Corp.

Renown said it would sell shares to Shandong Ruyi at 120 yen each, a 15 percent discount to Friday's close.

Shares of Renown shot up 35.5 percent on Monday after weekend media reports of the deal. (Reporting by Nobuhiro Kubo)