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Lotto & Scienward form new venture in China & HK

19
Jan '06
Sports apparel seller Lotto Sport Italia announces the partnership with Scienward International Holdings Ltd to create Lotto China Ltd.

This new joint-venture will operate with offices in Hong Kong, Beijing, Shanghai, Shenzhen and Nanjing with the mission to offer Italian design, superior technology as well as inimitable style in sport performance and leisure products in China and Hong Kong (HK).

For China, Lotto plans a distribution mainly through monobrand stores and department store corners. The product lines will include international models as well as a special collection, specifically realized for the Chinese market, with an eye-catching lifestyle inspired from Lotto's close ties with sport.

For Hong Kong, the distribution strategy will include the opening of a flagship store in the second half-year of 2006 as well as the presence in multibrand, independent general sporting goods and specialized tennis and football stores. The products showcased will be the performance and leisure collections of the Italian brand.

Andrea Tomat, President and CEO of Lotto Sport Italia declared at the press conference, "Lotto Sport Italia recognizes China as a key market in its worldwide business development and has therefore decided to reshape its distribution in the land of the Great Wall through this new joint-venture.”

“Further to the recently opened five stores, Lotto plans to open 12 self-owned stores in the major cities of China, 50 franchised points of sale in the first half of 2006, as well as another 50 points of sale by the end of 2006. Our objective is to reach a sales turnover of 15 million USD in 2006, rising to 100 million USD by 2010 at retail value."


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