The upcoming 2012 London Olympics has brought the worldâ€™s attention to the UK. Visitors from all countries gathered in London, England to watch the game. Today, when Chinese tourists are shopping in London, they will surely see a familiar Chinese brand standing on Londonâ€™s most prestigious and expensive South South Molton Street. This is Bosideng Apparel Co., Ltd., which is famous for producing down apparel. It is located in the Bosideng Menâ€™s Flagship Store in London.
The largest Bosideng men's flagship store on South Moordon Street, London
According to the British Financial Times, the Chinese clothing company Bosideng has already bought a six-storey house in one of London's most expensive shopping streets. The suite has spent nearly US$55 million in light decoration. It is reported that this Bosideng store located in London's most expensive neighborhood is a menswear store that includes all men's clothes, seasonal clothes, and custom designs. We employed the top menswear designers in the UK and they have more than 50 years of experience in the UK before joining us. They are the best menswear brands in the UK in 2010.
Bosideng is a Chinese company. Is it worthwhile to spend so much money to open the largest flagship store in London? The reporter interviewed a few Bosideng executives who were waiting for a store in London.
Wang Yao, a director of Bosideng Company, told reporters that Bosidengâ€™s opening of a store in London is indeed a matter of fact. The reason why London was chosen was because London is a fashion capital. With a large passenger flow and the 2012 London Olympics, Bosideng is very suitable for both displaying its own image and for retailing.
London, England, is one of the world's fashion centers, and in terms of men's wear, the world is recognized as doing the best in the United Kingdom, so this time from the market, we chose the UK as the first choice for the development of Bosideng menswear. Oxford Street is like Wangfujing Street in Beijing. The daily traffic is tens of millions. This is very favorable for shaping and selling Bosideng brand. Therefore, this is why we chose London, England as the first stop for overseas development of Bosideng.
Then, when the reporter asked why Bosideng spent $ 55 million to decorate the house?
Zhu Wei, head of Bosidengâ€™s UK project, said: "The report on the Internet was wrong. Bosideng did not spend $55 million but spent only Â£5 million."
Zhu Wei told reporters: â€œThis shop was bought and signed by us in May last year. We have freehold property and spent Â£20,500, which is equivalent to more than RMB200 million. We removed the old building and built a new one. There are seven floors, of which there are six floors on the ground and a basement floor, three of which are used for retail, as Bosideng London flagship store, one storey for transit, the upper two floors are offices, as Bosidengâ€™s European headquarters. The budget is more than 5 million pounds and the entire project is more than 300 million yuan."
In fact, the pace of overseas exploration by Chinese companies has never stopped.
Sports brand Li Ning is the pioneer in the field of clothing. Two years ago, Li Ning, a sportswear manufacturer, opened a flagship store in the United States. It also deliberately opened a city where Nikeâ€™s headquarters are located. In the end, however, he was overwhelmed. Under internal and external problems, he eventually closed down in February this year. Li Ningâ€™s internationalization strategy has also suffered major setbacks. With Li Ning's lesson in mind, will Bosideng be scruples?
In this regard, Shen Guangjian, assistant to the president of Bosideng, said that Bosidengâ€™s finances are healthy and there is no pressure to open a London store. Shen Guangjian also revealed that the profits of the Bosideng Group were announced at 15 billion yuan last year, and the cash balance on the accounts should be more than 3 billion yuan. Such an investment is relative to the entire group's profitability and cash position. I think it is a very stable investment, so it will not have any pressure or influence on business operations.
Despite the wealth, Bosideng Company understands that it has not set the store's expectations too high.
Mai Runquan, CFO of Bosideng Company, told the reporter: â€œThey started to see this London store as a long-term sale from the very beginning of the investment. This store is more of a function of publicizing the brand. This shop cannot be said. It's a year or two to do it, because this shop is mainly to show the image of Bosideng to the British consumers and the consumers around the world. We don't want to say that in this shop for a year or two, we have to look at the long term and see future development."
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