Suning Opens Milan Office in Euro-Expansion Plans
(29 days ago)
MILAN: Suning Holdings Group, one of China's largest commercial enterprises, today announced the opening of its new Milan Office in the first half of 2018 and revealed plans to open three more overseas offices in the UK, France and Germany by the end of the year.
The Milan office is seen as a catalyst for Suning's ambitious plans for European expansion. In its just published 2018-2020 Sourcing Plan, the firm has set aside CNY 10 billion (approximately EUR 1.3 billion) to source products on the continent over the next three years.
The announcement came during Milan Design Week (17-22 April), where Suning has been exploring deals with overseas designers that can help create a series of products for its newly launched Suning 'JIWU' ('Ultimate Creation') stores. The Chinese company is intent on introducing stylish and high-quality home and fashion products from Europe into China as it seeks to cater for a new generation of consumers in its lucrative home market.
Suning's new 'JIWU' format features popular brands, original designs, life essentials and creative interactions to reflect the lifestyle trends of a new generation of consumers. The first store opened in Nanjing in March 2018 across 400 sq. m. and more than 300 are set to open throughout China within the next three years, including at least 50 large-scale flagship stores.
Steven Zhang, Vice President, Suning International, said: "JIWU caters for personalised consumption culture by demonstrating the ultimate beauty of life and we want to invite more European brands to create a specific product line. This is just one example of the vast opportunities there are for international brands interested in accessing China in partnership with Suning - and that's why we've opened our new office in Milan with more to come."
Suning already has partnerships with a number of top Italian brands across different industries including Versace Home, SICIS, TechnoGym, Furla, and San Benedetto. The company's 2018-2020 Sourcing Plan in Europe highlights a focus on more luxury fashion, health, household and FMCG products - and representatives of Chateau D'Ax, Kartell, YNAP, Versace, KIKO and COVA were among the guests at its opening event at Milan Design Week.
Outside Europe, Suning already has an established global network covering Hong Kong, Japan and the United States. The business expects 30 per cent of its revenue will come from international business by 2020.