Grupo Cortefiel is planning to expand in China by a deal with ScarVic. This opening plan marks the start of a strategic collaboration with ScarVic, a subsidiary of two companies: AVIC Trading, subsidiary of AVIC Group, one of the major state-owned companies in China, with more than half a million employees, and the international company, Scarborough Group.
Avic controls the listed department store chain Rainbow, in which Scarborough has an indirect interest. Rainbow has more than 50 centres and is one of the preemient retailers in China. ScarVic will be a strong pillar of support for Grupo Cortefiel in China, since it is a partner that already has experience in the retail sector.
ScarVic was created to promote international brand retailers to expand their businesses into China. ScarVic provides one-stop all-round services and co-investment availability to foreign retailers looking to break into the Chinese market.
The joint venture will allow Grupo Cortefiel to expand more readily and more quickly in a market as major as China and substantially increase the international business influence of a group which is already present in over 60 countries.
Grupo Cortefiel brands will mainly be sold in standalones and shop-in-shops located in shopping centres and department stores throughout China.
The growth of the middle class in China will soon transform the Asian giant into a market leader not only in the luxury sector but also in the fashion sector in general. Grupo Cortefiel's brands are adapting to this new Chinese fashion market and international luxury requirement with accessible prices for the new middle class.
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