Visit to Shanghai Elite Headquarters, Local Joint Venture
Eldest Son Vice Chairman Choi Junho Drives 'Global Hyungji' Support
Fashion Group Hyungji announced on the 16th that Chairman Choi Byung-oh visited Shanghai, China, on the 14th and 15th.
It was explained that Chairman Choi visited Shanghai Elite Corporation to support the efforts to realize 'Global Hyungji,' led by Vice Chairman Choi Jun-ho. Vice Chairman Choi is the eldest son of Chairman Choi Byung-oh. Additionally, Chairman Choi conducted a local market survey in China.
Chairman Choi Byung-oh of Fashion Group Hyungji (right) visited Shanghai Elite, a joint venture of Hyungji Elite in China, on the 14th and took a commemorative photo with Heo Won-shin, General Manager of Shanghai Elite (center), and Zhang Yangping, General Manager of Baoshinia (left). [Photo by Fashion Group Hyungji]
On the first day, the 14th, Chairman Choi visited the headquarters of Shanghai Elite, Hyungji Elite's joint venture in China, to encourage employees and check the construction site of a large-scale school uniform showroom being established in the new building.
Shanghai Elite was launched in 2016 when Chairman Choi Byung-oh established a joint venture corporation to enter the then barren Chinese school uniform market through cooperation with Chairman O Ji-taek of Baoxiniao. Through the joint venture, Hyungji Elite provides over 50 years of accumulated know-how in school uniform design and related consulting services, while Baoxiniao Group targets the Chinese school uniform market with high-quality, reasonably priced uniforms through its local sales distribution network and production lines.
Shanghai Elite's performance has been on the rise recently. Its strategy to target the premium school uniform market has paid off, with consolidated sales from July last year to June this year reaching 18.3 billion KRW. This represents a 15% growth from the previous year's 15.9 billion KRW. Furthermore, as of August, Shanghai Elite has already achieved 100% of its annual delivery target.
Shanghai Elite is promoting the construction of a large-scale school uniform showroom in its new building and the establishment of a school uniform museum in the Songjiang District of Shanghai. The plan is to expand sales throughout China through the showroom and museum in the future.
Chairman Choi stated, "I visited to encourage the local Chinese corporation and to emphasize once again the importance of Shanghai Elite's role as a solid foothold for the Chinese market to become a definite bridgehead for Global Hyungji, supporting Vice Chairman Choi Jun-ho, who recently took over as CEO of Hyungji Elite, in his active global market pursuit."
He added, "With the continued popularity of the Korean Wave, I was able to confirm the potential of Shanghai Elite and the growth confidence shown by local corporation officials. We will work even harder to enter ASEAN and global markets through close cooperation with overseas companies and institutions."
Chairman Choi Byung-oh of Fashion Group Hyungji (third from the left in the front row) visited Shanghai Elite, a joint venture of Hyungji Elite in China, on the 14th and took a commemorative photo with local executives and employees. [Photo by Fashion Group Hyungji]
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
