CHINA: Grupo Cortefiel to enter market with ScarVic
Grupo Cortefiel plans to open stores under the Springfield and Pedro del Hierro brands in China
Grupo Cortefiel will enter China in the autumn with its Pedro del Hierro and Springfield brands through a deal with ScarVic.
The Spanish clothing company said today (5 March) that it plans to open some 800 outlets across China over the coming years.
ScarVic was formed through a joint venture between state-owned AVIC Trading and the UK-based Scarborough Group. The joint venture was created to help international brands expand into China.
Grupo Cortefiel's brands will mainly be sold in standalone stores and concessions in shopping centres and department stores in China.
"The growth of the middle class in China will soon transform the Asian giant into a market leader not only in the luxury sector but also in the fashion sector in general," the company said.
"Grupo Cortefiel's brands are adapting to this new Chinese fashion market and international luxury requirement with accessible prices for the new middle class."
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