CHINA: Cortefiel's Women'secret to open 300 stores
Underwear and lingerie retailer Women'secret plans to open more than 300 new points of sale in China over the next five years, as part of parent company Grupo Cortefiel's plans to expand internationally.
The deal to launch of Women'secret in the Far East giant was signed with The Basichouse (Shanghai), which has been operating in the Asian retail sector for more than a decade under the Basic House, Mind Bridge, Voll and The Class fashion brands.
Basichouse currently has a sales network of more than 1,500 stores and shop-in-shops in department stores in South Korea, China, Hong Kong, Russia, Saudi Arabia, Kuwait and Armenia.
This latest agreement comes on the heels of Women'secret's expansion in Turkey announced earlier this year, as well as the Chinese launch of Cortefiel's Springfield and Pedro del Hierro brands.
The agreements signed this year for China alone will mean the opening of more than 1,000 new points of sale over the next five years, the retail group says.
Cortefiel's is focusing its future expansion on several large, key markets such as China, and is targeting around 50% of its total sales in international markets.
The Group is already present in more than 60 countries through its Cortefiel, Pedro del Hierro, Springfield and Women'secret retail chains and a sales network of 1,855 stores.
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