- Angela Gonzalez-Rodriguez |
Tmall’s fashion unit and global intimate apparel conference trade organiser Eurovet have entered an agreement to help underwear and swimwear companies sell in China.
According to Chinese trade publications, both parties signed a memorandum of understanding in Paris on Saturday, pledging to “leverage the respective expertise and international reach to explore innovative ways to collaborate.”
“Together, our two companies will explore joint initiatives to accelerate the local and international underwear business and ultimately support companies and brands accessing and thriving in the Chinese market,” said Anita Lu, vice president of Tmall Fashion.
According to industry analysts, the rise of the Chinese middle class has turned a strong boon for the apparel market, as Chinese consumers find themselves with higher purchase power and progressively become more selective in their fashionable choices.
According to Euromonitor, China’s retail undergarment market is likely to reach 33 billion dollars by 2020, an estimated 32 percent jump from 2017.
The Tmall Fashion-Eurovet partnership will also allow trade-show participants to harness Tmall’s insights to better engage with Chinese consumers, streamline the shipping and logistic process, improve supply-chain management and communicate with their local partners, said both companies. The ultimate goal of the agreement is to enable foreign brands to run a smoother and more efficient operation in China.