Hidesign to forge JV in China, to open 18 stores
Leather bags and accessories major Hidesign has decided to forge a joint venture company in China where it plans to open 18 exclusive stores over the next two years, a company executive said on Thursday.
By PTI |
BANGALORE: Leather bags and accessories major Hidesign has decided to forge a joint venture company in China where it plans to open 18 exclusive stores over the next two years, a company executive said on Thursday.
"The plan is to set up over the next two years about 18 stores in China starting with one at Hong Kong airport," the company's Chief Executive Officer Kunal R Sachdev told media here in an interview.
Owning a majority stake, Hidesign, which had a humble beginning in 1978, would set up a 60:40 JV with a Chinese distributor Ray Chan, who already represents `Fornarina' brand there.
He said the Chinese market is as big as India. There is a huge disposable income and "people are willing to loosen their purse strings" in that country, where they are looking for brands, and "they don't have access to all brands yet."
Sachdev also said Hidesign currently has 12 stores overseas and plans to add 23 more in foreign locations, including 18 in China, 4-5 in Russia and some in South Africa and the Middle East, over the next two-and-half-years.
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"We are starting a retail store in Pretoria (South Africa) by year-end."The company, which has it has 35 stores in India, has booked space in upcoming malls for 18 more stores which are expected to take off over the next 24-26 months.
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