Sergio Rossi to buy out franchise partners in China
07/07/2011
The company said it wanted to increase sales in China and had decided to integrate into its main retail business the five stores, two in Beijing and one each in Shanghai, Ningbo and Shenzhen. Sergio Rossi said it was making the move to keep up with demand among Chinese consumers for its products. The announcement has also come hot on the heels of a decision by the Chinese government in June to cut import duties on many luxury goods, including shoes.
Sergio Rossi shoes first went on sale in China in 2006, through a franchise partner in Beijing. In the five years since then, the company has agreed franchising partnerships for eleven stores in nine cities, including Shanghai and Hong Kong. It told Italian media that it intended to open more of its own stores in China, including in second- and third-tier cities, as well as establishing flagship stores in Beijing, Hong Kong and Shanghai by 2014.
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