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Septwolves bags franchisees of global fashion brands
01
Apr '11
In a bid to strengthen its presence in its new business, Fujian Septwolves Industry Co, a leading menswear manufacturing firm from China, has acquired franchise partnership rights of luxury labels Versace and Canali in Zhejiang Province.

Zhou Shaoxiong, Chairman of Septwolves while speaking after closing the deal in Beijing said that, the investment of 70 million Yuan or US$ 10.7 million for acquisition of Hangzhou-based Kenna Fashion is looked upon to help the company to develop a franchise base for global luxury brands in China, and to earn a better recognition for its personalized brand in the global market.

The Septwolves official believes that franchise business in China has great potential as it is not possible for all the global brands to have their direct-sales outlets in all the countries, and thus they need domestic partners who are conversant with the local markets.

Commerce Minister, Chen Deming, last month while citing the country's vast population and growing income, said that, China may outshine Japan to establish itself as world's largest market for luxury goods by 2015.

He further stated that, the textile and garment industry of China, which contributes one-third of the world's export market, would not find any issues with production, and as such what they now need is to focus on, earning recognition in the global fashion business.

Fibre2fashion News Desk - India

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