Kolon is accelerating its business expansion in the Chinese online market.
The FnC Division of Kolon Industries announced on June 14 that it would launch a full-fledged online distribution network in China while forging a strategic partnership with JD.com Inc., which operates JD.com in China.
JD.com is the third largest Internet company in the world and one of China's largest e-commerce companies with the largest market shares in 12 of a total of 14 product categories.
Currently, the online fashion market in China has already topped 200 trillion won and grown more than 40% annually. KolonFnC plans to continue to expand its Chinese business through strategic collaboration. It has selected JD.com as a partner to quickly respond to changes in the Chinese market.
KolonFnC and JD.com signed a memorandum of understanding (MOU) on strategic partnership at the JD.com head office in Beijing on June 8. Through this MOU, the two companies agreed to cooperate in two areas.
First, KolonFnC will make a full-scale entry into China's online distribution network. KolonFnC will launch KolonFnC brands one by one via JD.com., starting with the young character casual brand Lucky Chouette. JD.com will provide support for KolonFnC brands to grow in China. The Lucky Chouette is building its reputation as a brand loved by Korean entertainers in China and will raise its awareness through Sulli, a model for the Lucky Chouette.
Second, KolonFnC will also serve as a bridgehead for Korean designer brands and indie brands to enter China through JDC.com.
KolonFnC will discover Korean fashion brands suitable for the Chinese market and enter them in JD.com by accumulating know-how in operating the JD.com platform and is discussing its roles to create brands and promote sales growth in the Chinese online shopping industry with JD.com.