South Korean clothing retailer The Basic House said Tuesday it opened nearly 300 new stores in China last year.
This is part of efforts to boost its brand recognition in the Asian economic powerhouse.
The clothing firm said it opened 290 stores in China last year, adding to the 700 stores it was already operating in the world’s most populous country.
The Basic House, founded in 2000, owns six clothing brands — Basic House, Mind Bridge, Voll, The Class, D’urban and Speedo.
Its Chinese business, which is run by subsidiary Baijiahu Shanghai Co., makes up almost 50 percent of the company’s total annual revenue, which is expected to reach 444 billion won (US$ 39 million) for last year.
The clothing maker said about 85 percent of its operating profit comes from China. That operating profit for 2011 is forecast to total 39 billion won.
According to market researcher IBISWorld, the clothing retail industry in China is estimated to generate $ 15.87 billion in revenue in 2011, up 14.4 percent from the previous year.
Over the five years through 2011, the Chinese industry revenue averaged annual increases of 15.4 percent per year, from $ 8.95 billion in 2007.