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."
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