Focus on China
Hyosung Group chairman Cho Hyun-jun is stepping up his efforts to expand the group’s presence in the Chinese clothing market, which is the world’s largest market.
According to Hyosung on October 1, Cho attended the Intertextile Shanghai 2018, the world's largest apparel fabrics and accessories fair, held at the National Convention & Exhibition Center in Shanghai, China, for three days from September 27 to 29.
Cho attended the exhibition for two years in a raw from last year as he believed the group’s status as the world’s biggest fabric producer depended on its performance in the Chinese clothing market, which is estimated at 300 trillion won (US$269.91 billion) and grows more than 5 percent every year.
In particular, he met officials from Chinese lingerie maker Maniform, Chinese sportswear company Anta and Chinese clothing brand Yishion during the event to discuss measures to expand cooperation.
China’s clothing market was valued at 1.8 trillion yuan, approximately US$261.09 billion or 290.2 trillion won, as of late 2016. The market has been growing at over 5 percent every year. Hyosung took part in the event with 21 global clients, including China’s textile company Ya Tai and Vietnam’s Hung Yen Knitting & Dyeing Co., and helped their sales activities and consultations.
Cho has been strengthening on-site management of the group's global operations this year. In February, he met with Vietnam’s Prime Minister Nguyen Xuan Phuc to discuss ways to bolster business and cooperation. He revealed plans to construct a spandex factory in India during a meeting with Indian Prime Minister Narendra Modi. In August, Cho sat down with Zhejiang Gov. Yuan Jiajin to examine ways to achieve mutual growth.