China’s Futeng Group has inked a pact with the Korean Apparel Industry Association to promote South Korean labels in China, with the Beijing-based company pledging 3 billion won, or about $3 million, for the purpose.
The joint project will see the launch of an online shopping mall called kfashiondesign.com on Aug. 8, which will act as a central platform for some 30 Korean brands in China. Special Korean pages and merchandise will also be introduced on China’s leading fashion information and shopping Web sites pop-fashion.com, mostrend.com and 1688.com.
The agreement will also allow Korean designers to receive support to tour and give showcases in Beijing, Shanghai and Shenzhen for the next three years. These offline events will take place six times per year. Futeng Group will annually invest about $1 million for the project.
Korean fashion trends and labels have found widespread popularity in China and other Asian countries in recent years with the emergence of K-pop and Korean TV dramas. Futeng Group, a leading investment company specializing in real estate and cultural funds, has been supporting Korean brands since 2009. Last year, it financed a fashion show in Tianjin featuring top designers including Lie Sang Bong, Lee Suk Tae and SeungHee Lee.
“Many Chinese companies have stopped manufacturing clothes altogether because there is so much in stock. But I believe that creative, high-quality designer products will be very popular among Chinese consumers,” said Zhao Tong, chief executive of Futeng.