Italian fashion retail giant RDM opened a luxury outlet in northeast Tianjin city on Thursday, its flagship store in Asia, aiming to have a share in China's booming luxury product market.
The Florentia Village-Jingjin Designer Outlets were jointly built by RDM Group and Waitex Group with a cost of 1 billion yuan (153.8 million U.S. dollars).
The shopping village, which resembles a 16th century Italian town, features nearly 200 brand names like Giorgio Armani and Versace, with up to 70-percent discounts.
Confident with the potential of China's luxury market, Jacopo Mazzei, chairman of RDM Group, said investment in China is RDM's long-term strategy, and now is the best time to invest in China.
RDM will invest 5 billion yuan to set up another three or four Italian-style luxury outlet centers in China in coming four years, Mazzei said.
RDM is the real estate arm under Italian fashion, retail and real estate leader Fingen Group. Waitex, established in 1981 in New York, operates in warehouses, logistics, luxury retail and commercial real estate development.
