MILAN — Chinese demand for Italian fashion and clothing products is growing.
At a press conference here Tuesday, Chinese group IFF drew a positive picture of Italian exports to China, predicting a bright future.
According to Linda Tong, chief executive officer of IFF, the slowdown of the Chinese economy is not having that much of an impact on Italian fashion and clothing exports, which could double in the next decade. In the first five months of 2015, exports were up by 30.4 percent to China and 30.8 percent to Hong Kong.
But Tong also sees the need for midrange to upper-middle priced brands, not just the country’s leading fashion houses. “We are looking for brands with innovative collections and styles,” said Tong. “In the next 10 years, this band [the middle-class consumer] is set to surpass 300 million to 600 million consumers with the ability to buy high-quality fashion products at the right price.”
IFF, which is made up of partners IFF Investment Hangzhou, Penta Hong Kong and Singapore SRE, is selecting 200 Italian fashion and clothing brands that do not have a presence or distribution in China to be represented in the group’s eight fashion centers. The centers will function as direct-sales locations and an e-commerce platform to exhibit the Italian products to retail and wholesale.
Companies that meet the group’s requirements of a five-year supply contract and market exclusivity for the whole Chinese territory are offered established distribution channels, online monitoring of sales, no investments risks, trademark registration and yearly minimum orders of 500,000 euros, or $563,000 at current exchange rate.