01 Apr '11, 2pm

Shanghai Tang plots Asian expansion

Shanghai Tang plots Asian expansion

SINGAPORE: Chinese luxury clothing brand, Shanghai Tang, plans to open 10 more stores in China, on top of its current 15 to cash in on wealthier consumers. The brand is also doubling its presence in Singapore, from three to six stores this year. The company said it is expecting double digit growth in revenues for the year as a whole but does see higher costs becoming more of a challenge. Chinese shoppers are among the world's biggest consumers of western luxury goods and that has made it difficult for home-grown Shanghai Tang, to hook their interest. But the retailer is pushing further into mainland China as it believes consumers there are taking more pride in home brands and styles. With a more fashion conscious and wealthy middle class in China, Shanghai Tang said its revenues grew in "triple digits" last year. However, the firm has declined to disclose actual revenue an...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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