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2003-4-8 8:57:00
Malaysia—Integrated garment manufacturer and distributor Hing Yiap Knitting Industries Bhd of Malaysia intends to strongly enter the mainland China market. Included in the company's plans are setting up joint ventures and opening several retail outlets in the mainland.
CEO Khoo Henn Kuan said the company aims to tap into the vast mainland market and set up joint ventures in the manufacture of men's and ladies' apparel within three years.
Khoo added that the motivation for the penetration strategy was the mainland's 1 billion potential consumers, status as a leading global manufacturing country and low labor costs.
Another aspect of Hing Yiap's expansion campaign is the opening of retail outlets in the mainland. The company plans to launch a total of 30 BumCity lifestyle stores there, at a cost of $260,000 to $530,000 per outlet.
These outlets, all of which should be operational in three years, would double Hing Yiap's sales by 2005. Each store is expected to generate $2.11 million to $3.16 million in annual turnover.
Khoo said these plans follow the company's progressive reduction of manufacturing activity in Malaysia over the past 15 years as retailing and distribution operations have been increasing in response to changing market forces.
The company currently carries five labels: Antioni, Bontton, Diesel and Vanity Fair as well as Bum Equipment. For the financial year ending June 30, 2002, the group recorded turnover of $27 million.
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