The Warnaco Group Inc. is planning to quadruple its business in China in the next four years, to over $400 million, as it builds on its growing retail presence and avails itself of opportunities to do business directly in the world’s most populous market.
Joe Gromek, president and chief executive officer of the New York-based apparel firm, told WWD that China is currently responsible for more than $100 million of Warnaco’s annual revenues and that figure is expected to grow to more than $150 million next year as sales expand and it takes over operations of two indigenous distributors. The company started the year with about 60 directly operated stores there, a figure that since has risen to about 100. There are an additional 250 points of sale in China currently generating wholesale revenue for the company, and conversion of those stores into directly operated units would accelerate sales growth and benefit gross margins as well.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)