Furla, an Italian high-end accessories retailer, intends to open 100 stores in Greater China under a five-year strategic plan to arrest decline in sales of higher priced luxury goods worldwide.
Expansion is expected to be through its joint venture, which the retailer struck with Fung Capital Asia earlier in 2013.
The luxury retailer is looking to leverage the growing demand for affordable fashion brands in China through these store openings.
Launched in Hong Kong in 2012, the retail chain currently operates around 20 outlets in the Greater China.
Furla president Giovanna Furlanetto was quoted by Financial Times as saying that the company is witnessing strong sales in the Chinese market.
The store openings, predominantly in tier I and tier II cities, would make China the company’s prime market within four to five years, Furlanetto revealed.
In 2012, the fashion retailer has recorded 18% growth in revenue to EUR212m and earnings before interest, tax, depreciation and amortisation was up by 28% to EUR32m.
Furla has recently entered into a joint venture with Genesis Luxury Fashion to penetrate Indian market.