MILAN — Peuterey is entering the Chinese market.
In the span of five years, the Italian outerwear brand owned by Lucca, Tuscany-based Peuterey Group SpA, plans to open 30 doors in China, increasing by eight times its presence in the Far East market. In Asia, which now accounts for 5 percent of the brand’s total business, Peuterey currently sells its collections in Japan and Korea.
The first two stores, one carrying the men’s and women’s collections and one dedicated to kids, are planned to open at Takashimaya in Shanghai in mid-December. An additional shop will be opened inside Beijing’s Charter Shopping Center in February, and in April Peuterey will inaugurate its first Chinese directly controlled freestanding store in Shanghai at the Jing An Kerry Center.
For its debut in China, the company has opened an office in Hong Kong, with a subsidiary in Shanghai, to control and manage the Asian business.
“Considering Asia a fundamental market, we have decided, in the fist phase, to keep a direct control on our operations in the Far East in order to position our brand in the correct way, in line with our philosophy and values,” said Peuterey Group president Francesca Lusini. She explained that the company’s strategy in China will include a second step, which is to ink agreements with local partners to boost the further expansion of the brand in Asia.
According to Lusini, the brand, which currently features a number of stores across Europe, including in Milan, Rome, Cortina, Berlin and Antwerp, aims to generate income of about 100 million euros, or $130 million at current exchange rate, in Asia within five years.
Peuterey Group, which also controls the Geospirit, Aiuguille Noir and Post Card labels, closed 2011 with revenues of 107 million euros, or $139 million at average exchange rate.