Marking the 42nd anniversary of the founding, Shinwon Corp. (Chairman Park Sung-chul) has begun making full-fledged efforts to tap into the Chinese market, which is considered its key market, strengthening abilities in the domestic fashion sector that is the foothold of business in China.
Shinwon announced on June 30 that it has signed an MOU with China’s Golden Eagle International Group to establish a joint venture.
Under the MOU, both companies are to build the joint business to unveil a Men’s wear SPA brand during the spring and summer season next year, and to open a Women’s clothing brand of Shinwon in department stores operated by Golden Eagle International Group.
Shinwon and the Golden Eagle International Group will jointly create low and middle priced SPA brands based on Golden Eagle distribution networks. Shinwon will be in charge of product plans and production, while Golden Eagle will be responsible for distribution network operation and sales. For the new brand, Shinwon aims to post 600 billion won (US$536.1 million) by opening 1,000 stores by 2020.