FASHION retail is set to open a fashion capital in Hong Kong, the latest sign that Chinese retail giants are moving quickly to expand their reach overseas.
In a statement, Fashionshows Hong Kong said it would open its first fashion retail outlet in the city’s central business district, in the first of three stores to be built over the next year.
The company said the first store would be opened in October and would provide the company with an opportunity to reach out to new consumers and create new brands.
Fashionshop Hong Kong is set for the launch of its second store in October.
Its first shop will be in Wan Chai district, close to the main train station.
“We’re very excited about opening up a fashion shop in Hongkong and are confident of our business prospects,” said Mr Liu, who is the chairman of Fashioshows.
A second store will be built in the centre of Hong Kong’s financial district.
While the company has yet to decide where to open its next store, Mr Liu said that the company would explore the possibility of building a new outlet in Shanghai, the Chinese city with the world’s largest population of international travellers.
Chinese companies have invested billions of dollars in fashion brands including Louis Vuitton and Burberry, but are struggling to compete with their own country’s rising international profile and its rapid growth.
One of the largest international fashion retailers in the world, Alibaba Group Holding Ltd, bought Louis Vuitchwear, an Italian brand, for $1.4bn in 2015, the same year the US firm unveiled a new online store.
It said at the time that it would launch an online store in HongKong and that it was targeting fashion shoppers from Hong Kong.
Alibaba’s first online store, the US website Zappos.com, was launched in 2014, and has seen strong growth in China.
In 2017, Fosun Group Holding Inc purchased US fashion brand H&M for $130bn.
Hong Kong has been a hub for Chinese fashion since the 1990s when it became a hub of foreign sales, partly due to the city having one of the highest per capita exports of clothing in the Asia-Pacific region.
The government is currently planning to launch a new shopping centre in the financial district of the city in the second half of 2019.