Cortefiel takes franchise route to China
Spanish fashion retailer joins eastward exodus
December 6 2003
Spanish clothing retailer Cortefiel is the latest high-profile name to target the Chinese market.
Cortefiel has signed a deal to take its Springfield menswear retail brand to China, with 200 stores to open over the next five years through a franchise agreement with local retailer China Ting Group.
Cortefiel is not investing directly in the new business. The company said: “This deal provides a quick expansion route for Springfield in the biggest market in the world.”
The company owns 385 Springfield stores in Europe, along with 469 franchises elsewhere. Excluding franchises, Cortefiel operates more than 800 stores. Along with Springfield and the core Cortefiel brand, its retail chains include Women’s Secret and Milano.
China is the world’s fastest growing major economy. Wal-Mart, Carrefour, Metro and Kingfisher are among the western retailers which have already entered the market.
