Textile triumvirates Youngor, Itochu & Marzotto form new JV

12 Dec '05

1 min read

Facing restrictions from the EU & the US on the textiles front, Chinese companies are fighting it hard to circumvent the situation aring therefrom to set up Joint Vebtures and conduct business. Recently, one of the leading textile producer of China based in Shanghai, Youngor Group signed up a JV with Japanese and Italian companies Itochu and Marzotto to develop textile and garments for the niche and high-end segments, officials said.

These three top garment manufacturers and exporters of the world entered into an agreement in Ningbo, the eastern port city of China to cooperate with each other on technology, financing, marketing and human resources terms.

To be set up with a joint investment of US $40 million, the unit is coming up on a 60,000 square meters area to produce premium materials and garments.

Youngor group has registered 120 percent and 70 percent increase in export of Western suits and shirts respectively, while exports of textile materials have increased by 500 percent over last year, reaching a record high.

Itochu, a world leader in fibre already has a JV with Youngor for the past several years, revealed senior Itochu official .

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