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Gymboree plans massive China expansion
By Ding Yining |
June 6, 2012, Wednesday
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Online Edition
Online Edition
US children's clothing maker Gymboree Corp said it plans to open at least 200 retail stores in China within three years as it hopes to benefit from the increasing spending of parents on their kids.
The retailer now has 5 stores in Shanghai and this will grow to 20 in the city and its neighbouring regions within two years, said Sun Yiding, president of Gymboree China.
The retailer, focusing on apparel and accessories for newborns to 12-year-olds, was bought out by private equity firm Bain Capital in 2010 and is now accelerating its China expansion plan.
Sun added he's confident the overall children's clothing market would see double-digit growth in the next few years despite an unfavorable macroeconomic environment.
Last year, Gymboree had US$1.2 billion revenue globally with a profit US$470 million.
Gymboree executives didn't reveal the company's sales figures for China.
The retailer now has 5 stores in Shanghai and this will grow to 20 in the city and its neighbouring regions within two years, said Sun Yiding, president of Gymboree China.
The retailer, focusing on apparel and accessories for newborns to 12-year-olds, was bought out by private equity firm Bain Capital in 2010 and is now accelerating its China expansion plan.
Sun added he's confident the overall children's clothing market would see double-digit growth in the next few years despite an unfavorable macroeconomic environment.
Last year, Gymboree had US$1.2 billion revenue globally with a profit US$470 million.
Gymboree executives didn't reveal the company's sales figures for China.
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