Michelin agrees footwear partnership in Argentina
29/07/2010
Borcal has said it will spend around $1.5 million upgrading its factory in the Buenos Aires suburb of Villa Luro in preparation for carrying out the work. Local media have said the deal with Michelin will last five years and, over that time, will be worth an estimated $4.5 million to the footwear manufacturing firm.
One of the shareholders of Borcal, Daniel Risafi, commented: “Our idea was to grow our presence in the high-end market and that’s why we went after the licence for Michelin in the Argentinean market. The brand sells its shoes in more than 20 countries, but hasn't invested in Argentina up till now.”
He said there were also plans to supply the Chilean market from Argentina.
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