Due to the sluggish domestic clothing sales in Japan, large Japanese trading companies have set their sights on the Chinese market, which has promising development prospects, and are determined to strengthen clothing sales in China.
Due to the declining birthrate and economic recession, domestic clothing sales in Japan continue to decline. In contrast, China’s clothing sales increase by more than 20% every year. Many Japanese trading companies have begun to turn their attention to China, hoping to further open up the Chinese market.
Among them, Itochu Corporation invested 10 billion yen in some Chinese clothing companies in February, acquiring nearly 30% of the equity. In addition, Itochu Corporation has the local production and marketing rights for more than 150 high-end European and American brands, and it also hopes to further expand sales in China.
Itochu Corporation Managing Director Kazuhide Sasaka said: “Although the world financial crisis will have an impact on China’s clothing market, Chinese consumers pay high attention to high-end brands, and the growth potential is still great in the medium and long term.”
In addition, Toyota Tsusho of Japan also jointly established a clothing sales company with a Hong Kong company in January. The sales targets are mainly young people who are keen on Japanese clothing brands.
