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Olympics propel growth clothes retailers
07
Aug '08
Experts had predicted that the 2008 Beijing Olympic Games will help post robust economic growth and create hundreds of thousands of jobs, during the 2005-2008 period.

Sectors that will profit most during this boom include wholesale and retail, equipment and machinery, as well as light and textile industries.

The 'Olympic factor', as it is being called, has definitely proved to be extremely beneficial for Taiwanese clothing industry, especially retail enterprises.

For instance, Taiwan Phland Company, specializing in the baby clothes and related products, earned 495 million yuan in 2007 from the 828 franchise shops in China Mainland, marking a year-on-year surge of 32.35 percent. The net profit stood at 43 million yuan, up 8.75 percent.

Phland plans to open another 200 franchise shops in China raising the number to over one thousand. Analysts estimate that, then, the Company can achieve a profit of NT $310 million this year in China, registering a growth of over 60 percent as compared to that in 2007.

Experts believe that other Taiwanese clothes retail enterprises like Ruentex Group and Taiwan Far East Department Store will also record high profit in China this year, only because of 2008 Beijing Olympic Games.

Fibre2fashion News Desk - China

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