South Korean apparel conglomerate E-Land Group has set its sights on annual sales of KRW10tn (US$9.32bn) in China by 2016, according to local press reports. 

Vice president Park Sung-Kyung told a press conference the group will achieve its target through strategic partnerships or mergers and acquisitions with US and European companies, the Maeil Business Newspaper reported. 

E-Land will also employ 100,000 local staff by 2016 under its new 10-10-20 vision, Sung-Kyung said in Shanghai, China on Tuesday (11 December).

E-Land also intends to launch five specialty stores selling private label apparel brands in China and Japan to compete with the likes of Uniqlo, Hennes & Mauritz (H&M) and Zara, the report added. The first brands, Spao and Misso, are expected to launch in China next year.