VIDEO, PHOTOS, AUDIO, AND INFORMATION RIGHTS FREE DOWNLOAD ON: http://grupocortefielnews.com/
The joint venture between both groups will open more than 800 outlets in China through the Pedro del Hierro and Springfield brands
Grupo Cortefiel will begin its expansion into China next autumn, through two of its flagship brands, Pedro del Hierro and Springfield. This project is part of its global expansion plan, which envisages opening 800 outlets across China over the coming years.
This opening plan marks the start of a strategic collaboration with ScarVic, a subsidiary of two companies: AVIC Trading, subsidiary of AVIC Group, one of the major state-owned companies in China, with more than half a million employees, and the international company, Scarborough Group. Avic controls the listed department store chain Rainbow, in which Scarborough has an indirect interest. Rainbow has more than 50 centres and is one of the preemient retailers in China. ScarVic will be a strong pillar of support for Grupo Cortefiel in China, since it is a partner that already has experience in the retail sector.
ScarVic was created to promote international brand retailers to expand their businesses into China. ScarVic provides one-stop all-round services and co-investment availability to foreign retailers looking to break into the Chinese market.
The joint venture will allow Grupo Cortefiel to expand more readily and more quickly in a market as major as China and substantially increase the international business influence of a group which is already present in over 60 countries.
Grupo Cortefiel brands will mainly be sold in standalones and shop-in-shops located in shopping centres and department stores throughout 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. Grupo Cortefiel's brands are adapting to this new Chinese fashion market and international luxury requirement with accessible prices for the new middle class.
About Grupo Cortefiel
The company Grupo Cortefiel was founded in Madrid, Spain, in 1880. It is a leader in the European fashion sector and it has a sales network of 1,830 shops. The Group is present in more than 60 countries through its four chains: Cortefiel, Pedro del Hierro, Springfield, and women’secret.
ScarVic is a subsdiary of two companies: the AVIC Trading, subsidiary of AVIC Group, one of the major state-owned companies in China, with more than half a million employees, and the British company, Scarborough, one of the UK’s leading privately owned property development, investment, leisure and services corporations. Scarborough has an indirect interest in the AVIC controlled listed department store chain Rainbow, which has more than 50 centres in China, and is listed as one of the top 10 department stores in China.