CHINA: Furla and Fung Group establish China joint venture
Italian leather goods brand Furla has established a joint venture with the Fung Group to open over 100 stores across China over the next four years.
Furla has teamed up with the Fung Group through Fung Capital Asia, the private investment arm of the families of Victor and William Fung, to tap the growing demand from Chinese consumers for products of distinction with a strong heritage.
As part of its efforts to expand in China, Furla launched a new retail concept store in Hong Kong in August 2012, and negotiated the early takeover of distribution rights from previous local partners.
From today (1 February), Furla will manage distribution in Hong Kong, Macau and China through its joint venture with the Fung Group, in which Furla holds a majority equity stake.
"We wanted to boost our development in Greater China following the successful launch last year of our new retail concept in Hong Kong and the strong response from Chinese consumers to our current network of 20 directly owned stores," said Furla president Giovanna Furlanetto.
"In Fung Group, we have found a partner whose pedigree is similar to ours. We are both family-owned companies with a proud heritage - 106 years for the Fung Group and 86 years for Furla - with similar values and a vision to bring the highest quality products to the discerning Chinese consumer."
- Yuan devaluation impact mixed for garment firms
- Chaos in the world’s trade agreements
- Supply chain improvements to save Billabong $30m
- Will Vietnam struggle with impending trade deals?
- The new age of disruption on apparel production
- H&M scaling up living wage effort to key suppliers
- Myanmar approves first minimum wage
- US Q2 in brief: Genesco, Oxford, Sears Canada
- EU clothing buyers should brace for higher prices
- Vietnam apparel industry calls for lower wage
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Ethiopia – the emerging textile and clothing industry
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Global market review of lingerie - forecasts to 2020
- Global Sports Footwear Market 2015-2019