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Japanese apparel firm to set up stores in China
15
Jul '10
Struggling Japan-based garment manufacturer, Renown Inc. said next week it will get in to a joint venture with key Chinese textile company, Shandong Ruyi Science & Technology Group Co and thereby, launch over 2,000 stores in China in the next 10 years.

This venture with Chinese firm is likely to turn in to Renown's key shareholder and will be set up in February 2011. Renown will then take over stakes of 50 percent or more.

Minoru Kitabatake, President of Renown said that, they were optimistic about launching so many stores, especially citing the market size in China, which is bigger than that of Japan, more so, China's middle-income segment is likely to rise.

The joint venture will handle apparels from Renown's four key brands, with an aim of achieving sales of over 100 billion yen, via approximately 2,000 stores and also trade the garments in other Asian nations as well.

In its revenue report, for the period March – May, which was released early this week, Renown, which is as of now undergoing corporate analysis, had entered an operating profit of 1.32 billion yen on sales of 17.34 billion yen, both of which are around fifty percent of the respective amounts, registered in the same quarter last year.

Fibre2Fashion News Desk - India

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