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Gunze to enter into JV with Chinese firm to sell underwear
15 Dec '10
1 min read
Gunze Ltd is entering into a joint venture with one of the major Chinese lingerie manufacturers in order to sell underwear in China. This venture is a positive step towards long-term expansion into the Chinese market.
The joint venture is likely to come up in February, 2011. The undertaking will sell the core products of Gunze as well as underwear of its proprietary brands in 350 shops by March 2015, with the yearly sales estimated at three billion yen. Gunze Ltd is going to own 51 percent of the shares of the new company and the remaining 49 percent shares will be held by Beijing Aimer Lingerie Co.
The joint venture is likely to come up in February, 2011. The undertaking will sell the core products of Gunze as well as underwear of its proprietary brands in 350 shops by March 2015, with the yearly sales estimated at three billion yen. Gunze Ltd is going to own 51 percent of the shares of the new company and the remaining 49 percent shares will be held by Beijing Aimer Lingerie Co.
Fibre2fashion News Desk - India
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