WGSN inks JV with CTIC to drive growth in China
Sun Ruizhe (left) and Duncan Painter
WGSN, specialising in consumer, fashion and design trends and insights entered into a joint venture (JV) with China Textile Information Center (CTIC) to drive business growth in the Chinese market.
The agreement of the JV named WGSN China was signed by WGSN chairman Duncan Painter and Sun Ruizhe, chairman of CTIC and also vice president of National Textile Apparel Council of China (CNTAC).
WGSN, a US-headquartered company owned by Top Right Group, has operated in China since 2005, and already has more than 500 companies as clients acquired in partnership with CTIC.
WSGN offers its full suite of products, with trend services provided in Chinese and clients include fabric manufacturers, retailers, consumer electronics firms and entertainment companies.
“WGSN and CTIC shared the main stage at Cannes Lions on Sunday making a joint presentation on the future of colour,” a WGSN press release said.
In this presentation, they covered some unique solutions developed under CNTAC to accelerate and innovate, the use of colour in the fashion and creative industries, which will be available next year.
According to WGSN CEO, Jose Papa, the JV will enable the WGSN offering to become more tailored to the local market.
"China is a large and diverse market from its geography and culture, to its varied economic and business landscapes,” Papa said.
“It also has a unique position as both a supplier to global markets and a huge domestic market that is leading innovation in manufacturing technologies, retail formats and logistics,” he added.
"With its distinct language and culture that connects with western fashion, we believe that China requires highly specialised local expertise to maximise the value of WGSN's products and services,” Papa stated.
"It goes without saying that from a business strategy perspective, China is crucial and we plan to drive significant growth and value for the WGSN business through our focus on the market,” WGSN observed.
“As long-term strategic partners, and excellent local insight providers, there is no better partner to help us do this than CTIC," it noted
The JV will look to exploit WGSN's international sales and marketing expertise to jointly bring those innovations and market information to a global audience together with CTIC.
Part of the National Textile Apparel Council (CNTAC), CTIC is the key operational arm, established to develop and promote the Chinese domestic and international textile industry.
CTIC includes the central associations for fashion and colour, fabrics and textile engineering and is carrying central responsibilities for quality testing, statistics, IT, publications and social compliance.
It has also developed and continues to invest in several products, services and solutions, including a unique approach to colour and the biggest fabric library in the world. (AR)
Fibre2fashion News Desk - India