361 Degrees, one of China’s fastest growing sportswear companies, is all set to enter the Brazilian market.
The company with headquarters in Jinjiang in southeastern China plans to invest almost 15 million US dollars initially.
The money will be spent on 10 representative offices in the country and a new storage center in Rio Grande do Sul in southern Brazil, which may be operational by July 2014 already according to Xinhua International. The company’s main brand 361° will start by offering 150 types of different sports apparel products in Brazil and then expand from there, eyeing the Olympics in 2016, which Brazil and especially Rio de Janeiro will be hosting.
According to Sergio Baka Luo, 361 Degrees’ general manager for Brazil, the company is also planning to have their own garment factories in the future from where it could serve the whole Latin American market.
The company was founded in 2003 and launched its eponymous brand 361° in 2004. Its international breakthrough came as the official outfitter of the Chinese men's and women's Olympic curling teams during the 2010 Vancouver Olympics. Today, 361 Degrees operates more than 7,800 stores in mainland China and records annual sales of over 5 billion yuan (800 million US dollars). In the domestic market, its main competitors are Li Ning, Xtep and Anta.
In recent years, 361 Degrees has stepped up its expansion efforts and is eyeing the global market in addition to strengthening its position in China, focusing on high-quality products and markets like the Middle East, Europe and now South America with its foray into Brazil.