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Japanese hosiery company, NAIGAI Co., Ltd (NAIGAI), announced today (September 9) the opening of its first independent retail outlet in Hong Kong.
With a long and rich history of socks manufacturing dating back to the company's inception in 1920, NAIGAI today is a listed company in Japan that continues to dedicate itself to the production of high-quality, fashionable hosiery. In the pursuit of comfort, function and fashion of leg wear, NAIGAI develops new labels and products which don't just meet customers' expectations of quality but set the trend of leg wear in Japan and all over the world.
NAIGAI's new retail outlet in Hong Kong will offer an array of high-quality and trendy hosiery consisting of both the company's signature labels as well as a few licensed international brands.
The new establishment in the city is a strategic step in the company's plan to launch full-scale retail operations in Asia. NAIGAI will use Hong Kong as the base to develop, support and oversee its regional business. The company first established its business presence in Hong Kong in 1986 mainly to source, wholesale and retail hosiery products for ladies, men and children to third party retailers or through consignment counters.
President of Naigai Apparel (HK) Ltd, Mr Kenji Imaizumi said, "We have been testing the retail market in Asia since 2007, and positive results were achieved. Therefore we decided in October last year to change our strategy to focus more on the retail business in the region. We believe Hong Kong is the ideal distribution hub to support our retail business in Asia."
Mr Imaizumi continued, "At present, we operate 12 points-of-sale in several department stores in Hong Kong. The new establishment is NAIGAI's first independent retail outlet and hosiery specialty store in the city, dedicated to fashion-savvy consumers. If business goes well, which we expect it will, we are planning to open more stores in Hong Kong."
NAIGAI has plans for rapid expansion overseas. In addition to the retail outlet in Hong Kong, it will open four outlets in Mainland China in the fall this year. It has opened its first store in the United States last month and is considering expansion into Europe.
NAIGAI will operate eight retail outlets and 81 consignment counters in department stores overseas by the end of this year. With the aim of tripling its retail sales, the company is looking to increase these numbers to 85 retail outlets and 180 consignment counters within the next three years.
Head of Consumer, Retail and Sourcing at Invest Hong Kong, Miss Rowena Hoy, welcomed the establishment of NAIGAI's first retail outlet in Hong Kong. She said, "As the global economy gradually recovers from the financial crisis, the retail markets in Hong Kong, Mainland China and much of Asia offer attractive opportunities to consumer goods companies from all over the world. Hong Kong's unrivalled position as a shop window and gateway to the Mainland market remains a compelling advantage to retailers looking for the ideal springboard into China."
Miss Hoy added, "With its history and focus on quality and fashionable designs, NAIGAI's retail presence will be well received by fashion lovers in the city and the region. I wish NAIGAI every success in its independent retail venture and look forward to assisting their continued expansion in Hong Kong and beyond."
About NAIGAI Co., Ltd
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Founded in 1920, NAIGAI Co., Ltd is a Japanese listed company specialising in high-quality, comfortable and fashionable hosiery. In addition to its Hong Kong subsidiary, Naigai Apparel (HK) Ltd, the parent company also has overseas offices in Shanghai, Qingdao, Taiwan and Thailand. For more information, please visit www.naigai.co.jp.
About Invest Hong Kong
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Invest Hong Kong is the award-winning department of the Hong Kong Special Administrative Region Government responsible for attracting and facilitating inward investment into the city, by providing free services and support to help overseas, Mainland and Taiwanese companies establish or expand their business presences in Hong Kong. For more information, please visit www.InvestHK.gov.hk.
Ends/Wednesday, September 9, 2009
Issued at HKT 18:00
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