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Cheil Industries to Tap Chinese Clothing Market from 2013
Date
2012.10.26
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912
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Cheil Industries Inc., a fashion and textile affiliate of Samsung Group, will spend US$21.5 million in a bid to tap the fast-growing Chinese clothing market starting in 2013, Chinese officials said Friday.

To that end, Cheil Industries has agreed with China's leading textile firm Shandong Ruyi Group to collaborate in building up a textile industry town in the southwestern city of Chongqing, the city officials said.

The investment will be made in the Wanzhou District in Chongqing, where Shandong Ruyi has been building the Western Textile City with an initial capital of 15 billion yuan (US$2.4 billion) since last year. The Textile City is located in Wanzhou's National Economic and Technical Development Zone.

The expected completion date of the city was not disclosed.

Shandong Ruyi expects the city will generate annual sales of 50 billion yuan when it is completed.

Cheil Industries said earlier it will make inroads into the fast-growing Chinese fashion market from 2013 and open 100 new shops for the brand in China and Hong Kong with sales expected to reach 300 billion won (US$260 million) by 2020.

It has a number of its own fashion brands, such as fast fashion brand 8seconds, casual line Bean Pole, Galaxy menswear, sportswear Rapido and golfwear Astra. Last year, it purchased Italian luxury fashion brand Colombo Via Della Spiga, which is famous for premium leather handbags and wallets.

According to consulting firm PWC, China's market demand for clothing will reach $55.3 billion this year. The figure is expected to top $90 billion by 2015, growing from $65.2 billion in 2013 and $77.2 billion in 2014.

Source Text

 

Source: Yonhap News (Oct. 26, 2012)

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