The partnership with Vibemac will support strong development of the Chinese Group strategy towards the first place in the global sewing market. Based on the core values of focus, concentration, simplicity, Jack is committed to building a global leading brand in the sewing sector, leader in the support of innovation in the clothing industry and machine intelligence in the industrial sewing machine market
The joint venture Vibemac China will be created for the Chinese market with Guerreschi family of Vibemac as the founder shareholder. The first joint venture goal is to double local production in Italy by 2019, widening company spaces and investment on staff. Transferring 80 per cent of the shares to Jack, Guerreschi family will maintain the management in Italy. The agreement aims to respond to the demand of the market which is estimated to grow between 20 to 45 per cent by 2022.
"The agreement signed today marks an important milestone in the history of our company and gives full effect to what I like to define as a successful model of internationalisation. This venture allows us to further invest and increase the dissemination of Vibemac products in the world and in the Chinese market. Innovative stitching pioneers, we are the Ferrari of industrial sewing machines for speed, quality and service. We have made experience, passion, technological knowhow and innovation the soul of society and the key to winning the challenge of competitiveness. We have developed new high tech solutions; new information control distribution management systems; consulting services on production plants, training on the use of the product and systems of forums, chat and clouding for the exchange of information. All this to satisfy the demands of an increasingly demanding and competitive market," said Alberto Guerreschi, CEO of Vibemac.
"We share with Vibemac company’s philosophy and values and are grateful to the mutual knowledge in these years. This agreement will bring growth to both partners. After the acquisition – due to the added value that Jack can bring in terms of supply, production and distribution in China and in the world, with its more than 5,000 sales and service channels in more than 120 countries - we will share with Vibemac an even wider market. Moreover, thanks to the brand, the experience and the technological know-how of the Vibemac units, we will enrich the automation of our products with the aim of quickly entering the market for the denim clothing automation, establishing a position of leadership in this area," Jixiang Ruan, Jack Stock, founder said. (RR)
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