The Style Merchants to widen fashion footprint in China
Singaporean Mainboard-listed fashion retailer, The Style Merchants, formerly known as Netelusion, says it plans to widen its fashion footprint in China by another 50 outlets over the next 12 months.
The Style Merchants is engaged in the design and marketing of ladies' apparel and accessories in China through its newly-acquired subsidiary, Retail Resources Management, RRM.
RRM currently has 19 outlets including five points-of-sales in department stores, 11 franchisee stores and three self-owned stores in Beijing, Jiangsu, and Shanghai.
Its main brand currently is "The Carnaby" targeted at women in their 20s and 30s.
Style Merchant's executive director Sam Lin says women's wear targeted at the growing Chinese middleclass is a high-margin fashion business.
The firm plans to use the US$7 million in proceeds of a recently ended rights issue to fund its expansion plans.
This includes enlarging the retail floor space of its existing stores and opening bigger outlets in key markets including Beijing, Shanghai, Chongqing, Chengdu and Guangzhou.
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