Chinese sportswear brand 361 Degrees (361°) would be investing 33 million real to enter the Brazilian market, Xinhua International reported quoting Sao Paulo newspaper.
As per the report, 361 Degrees plans to set up 10 representative offices in Brazil. A new storage centre in Rio Grande do Sul in southern Brazil is likely to being operation in July 2014.
Initially, 361° will offer 150 types of various sports apparel products in Brazil.
Brazilians love sports, and Rio de Janeiro is going to host the Olympics, which makes Brazil a strategic choice for 361°, the report quotes 361° Brazil general manager Sergio Baka Luo as saying.
He revealed that in future 361° would set up factories in Brazil, from where the company can serve the Latin American market.
Founded in 2003, the 361 Degrees Group is one of China’s leading sports enterprises. So far, the Group has set up more than 7,800 sales branches located in mainland China, with annual sales of over 5 billion yuan, according to the company’s website.
In addition to continuing to strengthen its market share in mainland China, the Group is speeding up its expansion to the global market to provide more high-quality products for more countries. It has already expanded to Middle East, Europe and other countries and regions.