Sluggish retail sales fail to affect OmniaLuo's growth in March

16 Apr '08

3 min read

While in the U.S., retailers are facing a dismal spring, in China the economy grew at its slowest pace in more than a year and inflation stayed close to an 11-year high, Bloomberg reports. Still, China is now ranked as the second largest economy in the world behind the United States and consumers are showing their thirst for trendy, high-end clothing.

OmniaLuo's chairwoman sees her company positioned to become the Chinese brand equivalent of Donna Karan or Liz Claiborne. "We are extremely optimistic about our Company's future," said Ms. Luo.

OmniaLuo's sales in 2006 were $1.5 million, growing to $7.5 million last year with a net income of $2.2 million. The high-end clothing retailer forecasts doubling its results this year.

Behind Ms. Luo's optimism is a Chinese clothing market where in 2005 women's apparel sales reached $25 billion, which is forecast to grow at a rate of 25 to 29% annually over the next five years. OmniaLuo's segment represented 12% of the Chinese women's apparel market, or $3 billion in 2005.

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