- Prachi Singh |
Wolford AG is relying on Fosun Fashion Brand Management Company (FFBM) as its new partner to manage the company’s brand identity in the important Chinese market which features a steadily growing class of luxury-oriented consumers. The company announced through a statement that after Wolford’s success in expanding its presence Hong Kong and Macau, FFBM has now been contracted to steer the planned marketing drive in China.
“The FFBM team was just as convincing to us as the successful track record of the brands it has represented up until now. The company has the necessary experience and the right contacts and will provide an indispensable local touch to our brand presence as well as for the dynamic development of our business in China,” said Wolford CEO Axel Dreher.
FFBM is expected to contribute its local expertise on Wolford’s behalf in order to develop a detailed market entry strategy for China and assume responsibility for the operational management of all wholesale and retail channels as well as for e-commerce. Wolford aims to gradually and sustainably develop its business on the Chinese market in collaboration with FFBM. Medium-term revenue generated in China should be comparable with Wolford’s present core markets of the USA with 19 percent share of revenue and Germany with 15 percent of the total revenue.
The company added that FFBM, a subsidiary of Fosun Fashion Group is a full-service provider focusing on marketing and sales of luxury brands in China and its founder and CEO James Chen and his team members have more than fifteen years of experience in the management of international brands such as Roberto Cavalli, St. John and M Missoni.
In May last year, Fosun Industrial Holdings Limited, a group controlled by Chinese billionaire Guo Guangchang completed acquisition of 50.87 percent of the shares from the previous majority shareholders.