Esprit Is Spending HK $1 Billion 100 Million To Enter The Mainland Market.

Hongkong apparel giant Esprit Global Holdings has recently confirmed that the company will gradually shift more business to Asia, and will double sales in the mainland market in the next 5 years and expand its business to 400 cities in mainland China.

In a statement to the Hongkong stock exchange, the company said it currently has 169 businesses in mainland China and 931 stores.

The plan has increased to 1700, and the retail space has increased by 70%.

Meanwhile, Esprit will continue to open the world's largest brand in Frankfurt later this year as planned.

In the statement, the company said: "looking ahead, we will focus on expanding our market. China is undoubtedly the top priority market."

In January of this year,

The company's chief financial officer, Chew Fook Aun, said that next year the company will invest HK $1 billion 100 million in the mainland market. The total plan is to invest 2 billion 200 million Hong Kong dollars in the mainland.

The company said that part of its expansion strategy will include the introduction of low price series to three to five tier cities, and expansion of retail businesses to at least four major cities.

The wholesale business in the mainland will be concentrated on licensing.

Chew Fook Aun also said the wholesale business in the European market is still under pressure due to weak consumer confidence.